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:

(1B) ASIC must cancel an Australian financial services licence held by an individual, by giving written notice to the individual, if:

(a) the individual is required to pay an amount to another person in accordance with a relevant AFCA determination; and

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