Jo-Anne Bloch to chair CSLR
Former Financial Planning Association of Australia chief executive Jo-Anne Bloch has been appointed by the Albanese government to lead its Compensation Scheme of Last Resort.
The scheme, which officially kicks off on April 2, aims to give victims of financial services misconduct access to redress and compensation.
Bloch, who was independently appointed by assistant treasurer and minister for financial services Stephen Jones, will serve in the role for an initial term of three years.
She will be joining recently appointed board members Delia Rickard and Kevin O'Sullivan, along with David Berry as chief executive of the scheme.
Bloch brings over 25 years of experience in the financial services sector, notably in leadership roles at the FPA, Investment and Financial Services of Australia, and Mercer.
She has also served as a non-executive director at the Association of Superannuation Funds of Australia, Financy, Colonial First State, and the Sydney Financial Forum.
"Bloch is an experienced leader in financial services, and in particular financial advice, with extensive experience in engaging government and in the not-for-profit sector and is well-equipped to guide the scheme at its inception and beyond," Jones said.
"The government congratulates Ms Bloch on her appointment to the board."
CSLR said Bloch is an accomplished leader with well-rounded experience and is an invaluable addition to its three-person board.
"This is another important step forward in the establishment of CSLR in ensuring victims of financial services misconduct have access to redress and compensation," it said.
The CSLR will provide compensation of up to $150,000 to eligible consumers who have an unpaid determination from the Australian Financial Complaints Authority relating to the provision of personal financial advice, credit intermediation, securities dealing and credit provision.
It's intended to provide compensation where the misconduct is by a financial services firm that was licensed to provide the relevant product or service.
The government aims to ensure this intent is met through future amendments to the CSLR legislation, to provide further certainty to consumers about the scope of the CSLR.
"As an interim step, amendments have been made to AFCA's authorisation so that, to the extent possible, complaints that may be eligible under the CSLR are progressed only if the financial services firm was licensed to provide the relevant product or service," Jones said.
Consequential changes to AFCA's rules will be required to implement the amendment to AFCA's authorisation.
Jones added: "By announcing a starting date and appointing the chair of the board of CSLR Limited, the government is demonstrating its ongoing commitment to ensuring victims of financial services misconduct have access to redress and compensation."
