Poor advice customer compensation to cost industry $60m
The future costs of advice failures for the compensation scheme of last resort are predicted to be $59.2 million, significantly higher than the $8 million forecast by the government.
EY economic modelling, commissioned by the Financial Services Council (FSC), has put the cost of the compensation scheme of last resort (CSLR) for victims of poor advice just shy of $60 million a year, seven times larger than Treasury estimates.
Read more at SMSF Adviser.
