Quotes attributable to Alan Kirkland, Chief Executive Officer of CHOICE:

"We welcome the Senate Economics Legislation Committee recommending the passage of the compensation scheme of last resort and Financial Accountability Accountability bills that are currently before the Federal Parliament."

"These landmark reforms are two of the most important recommendations of the banking royal commission. It has been over 1,100 days since the Federal Government committed to establishing the CSLR and FAR. We hope to see these bills debated in the House of Representatives this week so that they can be passed in this term of Parliament."

"The compensation scheme of last resort is an important missing piece of Australia's financial system. If legislated, a CSLR will ensure that victims of financial misconduct receive compensation where it has been awarded but the firm is unable to pay, such as when a firm goes into administration. The recent collapse of Dixon Advisory shows the immediate need for such a scheme to be in place. The scope of the scheme should also be expanded to include managed investment scheme collapses."

"Victims of financial misconduct deserve compensation. There are more than 1,300 Australians whose complaints and compensation awarded have been paused until the passage of the CSLR bill. The Federal Government owes it to these victims to pass this bill."

"If designed correctly, the Financial Accountability Regime will hold finance leaders accountable for misconduct that occurs under their watch. This regime needs to be legislated in this term of Parliament."

Media contact: Jim Hook, 0430 172 669, media@choice.com.au

Editor's notes:

Today the Senate Economics Legislation Committee released its report into Financial Accountability Regime Bill 2021 [Provisions] and Financial Services Compensation Scheme of Last Resort Levy Bill 2021 [Provisions] and related bills.