WHY NOVUS CAPITAL?Novus Capital Limited is an investment and financial services company specialising in Investment Banking, Corporate Advisory and Share Trading services for Australian corporate and private clients, and overseas corporate clients.
Compensation Scheme of Last Resort
The Compensation Scheme of Last Resort (CSLR) is an important piece of the external dispute resolution (EDR) framework in Australia. It was recommended by the Ramsay Review to “promote trust and confidence in the EDR framework and the financial services sectors more broadly” and was supported by the Financial Services Royal Commission
The CSLR is funded through a levy on specific sub-sectors of the financial services industry, including credit intermediaries, credit providers, licensees providing financial advice, and securities dealers. The scheme provides compensation of up to $150,000 to eligible consumers who have unresolved complaints related to personal financial advice, credit intermediation, securities dealing, and credit provision.[1]
Scope of the CSLR
The CSLR is funded through a levy on four defined sub-sectors of the financial services industry, specifically:
Other financial services will be outside the scope of the CSLR[2], such as:
Managed investment schemes (a form of collective investment where investors pool money to be managed by a third party, such as a property fund or agricultural scheme).
Levies are scaled to the size of each financial firm. The costs for the first levy period (2 April 2024 to 30 June 2024) will be fund
[1] www.clsr.org.au[2] www.afca.org.au
