Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Act 2023 (46 of 2023)

Schedule 1 Financial services compensation scheme of last resort

Insert:

(2B) ASIC must cancel an Australian financial services licence held by a partnership, by giving written notice to the partnership, if:

(a) one or more of the partners is required to pay an amount to a person in accordance with a relevant AFCA determination; and

(b) the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.