Assistant Treasurer Daniel Mulino says the government is considering forcing the $4.3 trillion superannuation sector to contribute to a scheme to compensate victims of dodgy financial advice, such as in the $1 billion failure of Shield and First Guardian.
Mulino said the Compensation Scheme of Last Resort must be made more sustainable, after the levy on the financial services sector to fund it increased from $4.8 million in the 2024 financial year, to $75.7 million in 2026 and a preliminary estimate of $137.5 million in 2027.
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