Advisely Team
Advisely PartnerAlex, this is a really good coverage of this issue. There is a lot in the CSLR issue, not only with respect to the Dixon Advisory matter, but also how the Government has implemented the model. The Government had committed to paying for the first year of the scheme, however in reality they will only be paying for the first three months, and it is nearly impossible for any of the post 7 September 2022 complaints to be processed in that time. Thus the Levy estimate only allows for one post 7 September 2022 Dixon Advisory matter to be paid for by the Government, leaving the remaining 300 odd to be paid by the Advice Profession. This is the application of retrospective legislation, which is simply wrong.
Advisely TeamThanks very much, Phil. Agree that the rollout hasn't reflected the intent behind the scheme at all, which is clear enough just by looking at the respective Government and industry-funded levy calculations. Also, I listened to your podcast appearance today and you brought up a really important point I didn't cover from the report – it's not expected that AFCA will be able to process all known complaints until March 2026! Which makes the Government's contribution to the scheme even smaller, proportionally