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

Schedule 1   Financial services compensation scheme of last resort

Part 2   Other amendments

National Consumer Credit Protection Act 2009

20   After subsection 54(1A)

Insert:

(1B) ASIC must cancel a licensee's licence if:

(a) the licensee is required to pay an amount to a person in accordance with a relevant AFCA determination (within the meaning of the Corporations Act 2001); and

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