{"id":"F2025L01557","name":"Corporations (Financial Services Compensation Scheme of Last Resort—Special Levy) Determination 2025","slug":"corporations-financial-services-compensation-scheme-of-last-resort-special-levy-determination-2025","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":443079,"registerId":"F2025L01557-fast-fetch-1775957984963","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Corporations (Financial Services Compensation Scheme of Last Resort—Special Levy) Determination 2025","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: Corporations (Financial Services Compensation Scheme of Last Resort) Special Levy Determination 2025\n---\n\n![Commonwealth coat of arms of Australia](image.001.jpeg)\n\n \n\nCorporations (Financial Services Compensation Scheme of Last Resort—Special Levy) Determination 2025\n\nI, Daniel Mulino, Assistant Treasury and Minister for Financial Services, having been notified under subsection 1069F(3) of the Corporations Act 2001 (the Act) that a revised claims, fees and costs estimate for the 2025-26 levy period for the licensed personal advice sub‑sector could cause the sub-sector levy cap for the levy period and the sub-sector to be exceeded, and being satisfied of the matters set out in subsection 1069H(5) of the Act,\n\nmake the following determination.\n\nDated   11 December 2025\n\n \n\nDr Daniel Mulino\n\nAssistant Treasurer  Minister for Financial Services\n\n \n\n \n\n \n\n \n\nContents\n\nPart 1—Preliminary\n\n1  Name \n\n2  Commencement\n\n3  Authority\n\n4  Definitions\n\nPart 2—Special levy for 2025-26 levy period for several sub-sectors\n\n5  Special levy imposition\n\n6  Special levy—several sub-sectors\n\n7  Total amount of special levy\n\n \n\nPart 1—Preliminary\n\n \n\n1  Name\n\n  This instrument is the Corporations (Financial Services Compensation Scheme of Last Resort—Special Levy) Determination 2025.\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument The day after this instrument is registered.\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under the Corporations Act 2001.\n\n4  Definitions\n\nNote:  Expressions have the same meaning in this instrument as in the Corporations Act 2001 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.\n\n  In this instrument:\n\n2025-26 levy period means the 12-month period starting from 1 July 2025.\n\nASIC Levy Regulations means the ASIC Supervisory Cost Recovery Levy Regulations 2017.\n\nclaims handling and settling services providers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 72AA(1) of the ASIC Levy Regulations.\n\ncredit intermediaries sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 25(1) of the ASIC Levy Regulations.\n\ncredit providers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 26(1) of the ASIC Levy Regulations.\n\ncustodians sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by section 31 of the ASIC Levy Regulations.\n\ndeposit product providers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 27(1) of the ASIC Levy Regulations.\n\ninsurance product distributors sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by section 70 of the ASIC Levy Regulations.\n\ninsurance product providers sub-sector means the sub-sector that, for the 2025‑26 levy period, has the meaning given by subsection 72(1) of the ASIC Levy Regulations.\n\nlarge futures exchange participants sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 64(1) of the ASIC Levy Regulations.\n\nlarge securities exchange participants sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 65(1) of the ASIC Levy Regulations.\n\nlicensees that provide only general advice to retail or wholesale clients sub‑sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by section 40 of the ASIC Levy Regulations.\n\nlicensees that provide personal advice on relevant financial products to retail clients sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 43(1) of the ASIC Levy Regulations.\n\nlicensees that provide personal advice to retail clients on only products that are not relevant financial products sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 42(1) of the ASIC Levy Regulations.\n\nmanaged discretionary account providers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 32(1) of the ASIC Levy Regulations.\n\nmargin lenders sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 23(1) of the ASIC Levy Regulations.\n\noperators of investor directed portfolio services sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 34(1) of the ASIC Levy Regulations.\n\npayment product providers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 28(1) of the ASIC Levy Regulations.\n\nresponsible entities sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 35(1) of the ASIC Levy Regulations.\n\nretail over‑the‑counter derivatives issuers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 61(1) of the ASIC Levy Regulations.\n\nrisk management product providers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 71(1) of the ASIC Levy Regulations.\n\nsecurities dealers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 67(1) of the ASIC Levy Regulations.\n\nsmall and medium amount credit providers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 24(1) of the ASIC Levy Regulations.\n\nsub-sector has the same meaning as in the ASIC Levy Regulations.\n\nsuperannuation trustees sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 36(1) of the ASIC Levy Regulations.\n\nthe Act means the Corporations Act 2001.\n\ntraditional trustee company service providers sub-sector means the sub-sector that, for the 2025-26 levy period, has the meaning given by subsection 33(1) of the ASIC Levy Regulations.\n\nPart 2—Special levy for 2025-26 levy period for several sub‑sectors\n\n5  Special levy imposition\n\n  Under subsection 1069H(2) of the Act, for the purposes of paragraph 1069H(5)(a) of the Act and paragraph 9(b) of the Financial Services Compensation Scheme of Last Resort Levy Act 2023, a special levy has been specified as needing to be imposed by section 9 of that Act for the 2025-26 levy period in accordance with this instrument.\n\n6  Special levy—several sub-sectors\n\n  For the purposes of paragraph 1069H(5)(b) of the Act, the amount specified in an item in the following table is the amount of special levy that needs to be imposed for the 2025-26 levy period across all members of the sub‑sector specified in that item in the table.\n\n \n\n| Item | Sub-sector | Amount ($) |\n| --- | --- | --- |\n| 1 | claims handling and settling services providers sub-sector | 1,593,339.80 |\n| 2 | credit intermediaries sub-sector | 667,529.41 |\n| 3 | credit providers sub-sector | 7,230,226.06 |\n| 4 | custodians sub-sector | 146,832.10 |\n| 5 | deposit product providers sub-sector | 1,005,235.13 |\n| 6 | insurance product distributors sub-sector | 194,461.54 |\n| 7 | insurance product providers sub-sector | 2,597,907.36 |\n| 8 | large futures exchange participants sub-sector | 196,376.80 |\n| 9 | large securities exchange participants sub-sector | 4,406,958.61 |\n| 10 | licensees that provide only general advice to retail or wholesale clients sub-sector | 645,887.01 |\n| 11 | licensees that provide personal advice to retail clients on only products that are not relevant financial products sub-sector | 20,981.47 |\n| 12 | licensees that provide personal advice on relevant financial products to retail clients sub‑sector | 10,389,867.63 |\n| 13 | managed discretionary account providers sub‑sector | 221,997.94 |\n| 14 | margin lenders sub-sector | 1,042.52 |\n| 15 | operators of investor directed portfolio services sub-sector | 30,376.88 |\n| 16 | payment product providers sub-sector | 1,209,598.51 |\n| 17 | responsible entities sub-sector | 6,489,313.20 |\n| 18 | retail over-the-counter derivatives issuers sub‑sector | 1,171,359.78 |\n| 19 | risk management product providers sub-sector | 23,146.70 |\n| 20 | securities dealers sub-sector | 1,193,020.84 |\n| 21 | small and medium amount credit providers sub‑sector | 1,639,508.05 |\n| 22 | superannuation trustees sub-sector | 6,100,082.25 |\n| 23 | traditional trustee company service providers sub-sector | 113,950.44 |\n\n\nNote: For payment of special levy, see Part 3 of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023.\n\n7  Total amount of special levy\n\n  For the purposes of paragraph 1069H(5)(c) of the Act, the sum of the total amounts of special levy specified under section 6 of this instrument is $47,289,000.03.\n\nNote: The sum specified in this section does not exceed the difference between:\n\n1.      the revised claims, fees and costs estimate for the levy period and the licensed personal advice sub-sector; and\n2.      the total amount of levy already paid as worked out under subsection 1069H(6) of the Act.\n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument operates exactly as intended by the parent legislation. The Corporations Act 2001 specifically provides for special levies to be imposed when sub-sector caps are exceeded (sections 1069F-1069H). The determination simply executes this pre-existing mechanism by specifying the amounts for the 2025-26 period. There is no expansion beyond the original statutory purpose."},"complexity_factors":["22 defined terms in section 4, most of which are circular references to definitions in the ASIC Levy Regulations","Heavy reliance on external legislative references (Corporations Act 2001, ASIC Levy Regulations 2017, Financial Services Compensation Scheme of Last Resort Levy Act 2023, and Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023)","Simple tabular structure for the actual levy amounts (section 6), making the substantive content easy to extract","No conditional logic, exceptions, or nested provisions within the instrument itself","Straightforward mathematical calculation in section 7 (simple sum of table amounts)"],"plain_english_summary":"This instrument imposes a special levy on 23 financial-services sub‑sectors for 2025–26, requiring industry participants to pay an extra $47,289,000.03 into Australia’s Compensation Scheme of Last Resort (CSLR). \n\nIt spreads the cost of compensating consumers who lose money from failed or insolvent advice and other providers across the sector because the personal advice sub‑sector hit its regular levy cap while projected compensation costs rose."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument does not change the statutory scope of the Compensation Scheme or expand which activities are covered. It specifies dollar amounts to be levied across existing sub‑sectors (s6) for the 2025–26 period and records the Assistant Treasurer's determination under the Corporations Act (s5, s3). Members of the listed sub‑sectors are the payers (s6); collection and payment mechanics are governed by the Collection Act (see note after s6). The total levy sum is constrained by the difference between the revised claims estimate and levies already paid (s7 note)."},"complexity_factors":["Narrow, single-purpose measure limited to the 2025–26 levy period (low complexity).","Extensive cross-references to the Corporations Act 2001 and the ASIC Supervisory Cost Recovery Levy Regulations 2017 for sub‑sector definitions (raises legal-lookups).","Precise monetary allocations across 23 sub‑sectors requiring administrative mapping and billing (moderate operational complexity) — see s6.","Implementation of payment and collection is handled under a separate statute (Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023), requiring inter‑instrument coordination.","Ministerial triggering and satisfaction under subsection 1069H(5) of the Act introduces an exercise of discretion that is recorded but not detailed here (see s5).","A reconciliation constraint: total does not exceed the difference between the revised estimate and levies already paid (s7 note), which requires actuarial/accounting verification."],"plain_english_summary":"This instrument imposes a one‑off special levy for the 2025–26 levy period, allocating $47,289,000.03 across specified financial services sub‑sectors to meet a shortfall for the Financial Services Compensation Scheme of Last Resort (see s6, s7). It was made by the Assistant Treasurer under the Corporations Act after a revised claims, fees and costs estimate indicated the licensed personal advice sub‑sector cap could be exceeded (s5, s3)."}},"importantCases":[],"_links":{"self":"/api/acts/corporations-financial-services-compensation-scheme-of-last-resort-special-levy-determination-2025","history":"/api/acts/corporations-financial-services-compensation-scheme-of-last-resort-special-levy-determination-2025/history","analysis":"/api/acts/corporations-financial-services-compensation-scheme-of-last-resort-special-levy-determination-2025/analysis","conflicts":"/api/acts/corporations-financial-services-compensation-scheme-of-last-resort-special-levy-determination-2025/conflicts","importantCases":"/api/acts/corporations-financial-services-compensation-scheme-of-last-resort-special-levy-determination-2025/important-cases","documents":"/api/acts/corporations-financial-services-compensation-scheme-of-last-resort-special-levy-determination-2025/documents"}}