{"id":"C2023A00045","name":"Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023","slug":"financial-services-compensation-scheme-of-last-resort-levy-collection-act-2023","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"45 of 2023","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":44609,"registerId":"commonwealth-C2023A00045-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n This Act is the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023.","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n (1) Each provision of this Act 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```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

At the same time as the Financial Services Compensation Scheme of Last Resort Levy Act 2023 commences.

However, the provisions do not commence at all if that Act does not commence.

4 July 2023

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.","sortOrder":2},{"sectionNumber":"3","sectionType":"section","heading":"Simplified outline of this Act","content":"#### 3 Simplified outline of this Act\n\nThis Act is about the collection of levy imposed by the Financial Services Compensation Scheme of Last Resort Levy Act 2023.\n\nPersons on whom levy is to be imposed may be notified that they must provide information to ASIC for a levy period.\n\nThere are rules dealing with when information that is required to be given is not given, is unsatisfactory, or is false or misleading.\n\nASIC must give a notice specifying when levy is due for payment.\n\nLate payment penalty will be payable if levy remains unpaid after it becomes due for payment.","sortOrder":3},{"sectionNumber":"4","sectionType":"section","heading":"Act binds the Crown","content":"#### 4 Act binds the Crown\n\n (1) This Act binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory. However, it does not bind the Crown in right of the Commonwealth.\n (2) This Act does not make the Crown liable to a pecuniary penalty or to be prosecuted for an offence.","sortOrder":4},{"sectionNumber":"5","sectionType":"section","heading":"External Territories","content":"#### 5 External Territories\n\n This Act extends to every external Territory.","sortOrder":5},{"sectionNumber":"6","sectionType":"section","heading":"Extraterritorial application","content":"#### 6 Extraterritorial application\n\n This Act extends to acts, omissions, matters and things outside Australia.","sortOrder":6},{"sectionNumber":"7","sectionType":"section","heading":"Definitions","content":"#### 7 Definitions\n\n In this Act:\n\n> accumulation recovery day has the same meaning as in the Corporations Act 2001.\n\n> AFCA (short for the Australian Financial Complaints Authority) has the same meaning as in the Corporations Act 2001.\n\n> AFCA’s accumulated unpaid fees has the same meaning as in the Corporations Act 2001.\n\n> AFCA scheme has the same meaning as in the Corporations Act 2001.\n\n> AFCA’s unpaid fees has the same meaning as in the Corporations Act 2001.\n\n> amount includes a nil amount.\n\n> approved form has the meaning given by section 30.\n\n> ASIC means the Australian Securities and Investments Commission.\n\n> capital reserve means an amount equal to $5 million to be applied by the CSLR operator for the purposes mentioned in paragraphs 1069Q(1)(a) to (e) of the Corporations Act 2001.\n\n> capital reserve establishment contribution means an amount equal to approximately one third of the capital reserve.\n\n> claims, fees and costs estimate means an estimate determined under section 9 or 10.\n\n> CSLR operator has the same meaning as in the Corporations Act 2001.\n\n> first levy period has the same meaning as in the Levy Act.\n\n> late payment penalty means penalty payable under section 14.\n\n> levy means levy imposed by the Levy Act.\n\n> Levy Act means the Financial Services Compensation Scheme of Last Resort Levy Act 2023.\n\n> levy month means one of the 12 months of the calendar year.\n\n> levy period has the same meaning as in the Levy Act.\n\n> offence against this Act includes an offence against Chapter 7 of the Criminal Code that relates to this Act.\n\n> person has a meaning affected by sections 26, 27, 28 and 29.\n\n> pre‑CSLR complaint means a complaint that:\n\n (a) is for AFCA to finalise (including by making a determination); and\n (b) is given to AFCA before the accumulation recovery day; and\n (c) is a complaint of a kind covered by paragraph 1065(1)(a) of the Corporations Act 2001.\n\n> Note: AFCA will have finalised many of these complaints before this Act commences.\n\n> qualifying period has the same meaning as in the Levy Act.\n\n> relevant AFCA determination has the same meaning as in the Corporations Act 2001.\n\n> shortfall penalty means penalty payable under section 16.\n\n> sub‑sector has the same meaning as in the Levy Act.","sortOrder":7},{"sectionNumber":"Part 2","sectionType":"part","heading":"Pre‑imposition information and estimates of claims and costs","content":"## Part 2—Pre‑imposition information and estimates of claims and costs","sortOrder":8},{"sectionNumber":"8","sectionType":"section","heading":"Information required from levy payers before a levy period","content":"#### 8 Information required from levy payers before a levy period\n\n (1) ASIC may, before the start of a levy period, notify a person in writing that this section applies to the person for the levy period.\n (2) The person must, for the levy period:\n (a) provide to ASIC information in the approved form and in the manner (if any) determined under paragraph (4)(b); and\n (b) do so by:\n (i) unless subparagraph (ii) applies—28 days after the day the person is notified under subsection (1) for the levy period; or\n (ii) if ASIC has determined a later day under paragraph (4)(a)—that day.\n\n> Note: The information may be used to work out the amount of levy payable by the person, and may need to be substantiated (see section 20). A penalty may apply if the information is false or misleading (see section 16).\n\n (3) An approved form may require:\n (a) information relating to the person; and\n (b) information relating to one or more other persons on whom levy may be imposed for the levy period.\n\n> Note: The approved form could also be the approved form for returns to be provided to ASIC under section 11 of the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017.\n\n (4) ASIC may, by notice published on ASIC’s website, determine:\n (a) the day on which the information must be provided to ASIC; and\n (b) the manner in which ASIC requires the information to be provided.\n A notice under this subsection must state the date on which the notice was published on ASIC’s website.\n (5) A day determined by ASIC under paragraph (4)(a):\n (a) must be 2 months or more after the day on which the notice is first published on ASIC’s website; and\n (b) may be a different day for different classes of persons on whom levy may be imposed for the levy period.\n Offence\n (6) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (2); and\n (b) the person omits to do an act; and\n (c) the omission breaches the requirement.\n\nPenalty: 10 penalty units.\n\n (7) An offence against subsection (6) is an offence of strict liability.\n (8) Subsection (6) does not apply to the extent that the person has a reasonable excuse.\n\n> Note: A defendant bears an evidential burden in relation to the matters in this subsection (see subsection 13.3(3) of the Criminal Code).\n\n (9) Information provided under this section in the approved form is taken, for the purposes of the Corporations Act 2001, not to be a document lodged with ASIC.","sortOrder":9},{"sectionNumber":"9","sectionType":"section","heading":"Initial estimate of claims, fees and costs for a levy period","content":"#### 9 Initial estimate of claims, fees and costs for a levy period\n\n (1) The CSLR operator may, by legislative instrument made within 12 months before the start of the second levy period or a later levy period, determine for the levy period and a sub‑sector an estimate that is the sum of:\n (a) the specified amount equal to what the CSLR operator reasonably believes (having regard to actuarial principles) will be the total amount of compensation payable under section 1063 of the Corporations Act 2001:\n (i) during the levy period; and\n (ii) for the sub‑sector;\n other than any such compensation relating to pre‑CSLR complaints; and\n (b) the specified amount equal to what the CSLR operator reasonably believes (having regard to actuarial principles) will be the portion of the sum of the following that is attributable to the sub‑sector:\n (i) the sum of AFCA’s unpaid fees expected for each of the months in the levy period, other than any such fees relating to pre‑CSLR complaints;\n (ii) the CSLR operator’s expected administrative costs for the levy period;\n (iii) ASIC’s expected administrative costs notified under subsection (4) for the levy period;\n (iv) for each of the second and third levy periods—the capital reserve establishment contribution reduced (but not below zero) by half of any specified excess worked out under subsection (6) before the start of that levy period;\n (v) for the fourth and each later levy period—the amount (if any) equal to that necessary to restore the capital reserve; and\n (c) any specified shortfall worked out under subsection (5) for an earlier levy period and the sub‑sector; and\n (d) for the next levy period that starts after any specified shortfall is worked out under subsection (6)—the portion of that shortfall that the CSLR operator reasonably believes (having regard to actuarial principles) is the portion attributable to the sub‑sector; and\n (e) for the third levy period—any specified shortfall worked out under subsection (7) for the first levy period and the sub‑sector;\n less any excess amounts referred to in subsection (2).\n (2) The excess amounts are as follows:\n (a) any specified excess worked out under subsection (5) for an earlier levy period and the sub‑sector;\n (b) for the third levy period—any specified excess worked out under subsection (7) for the first levy period and the sub‑sector;\n (c) for the fourth levy period—the portion of any specified excess:\n (i) worked out under subsection (6); and\n (ii) that remains after the application of subparagraph (1)(b)(iv) for earlier levy periods;\n that the CSLR operator reasonably believes (having regard to actuarial principles) is the portion attributable to the sub‑sector.\n\n> Note: A single instrument under subsection (1) may determine estimates for several sub‑sectors.\n\n (3) The legislative instrument must include each of the amounts referred to in subparagraphs (1)(b)(i) to (v) and paragraph (2)(c).\n ASIC’s administrative costs\n (4) Before the second levy period or a later levy period, ASIC may notify the CSLR operator of the administrative costs that ASIC has incurred, or expects to incur, for the levy period in performing ASIC’s functions:\n (a) under this Act; and\n (b) under Part 7.10B of the Corporations Act 2001; and\n (c) under Part 5A.1 or 7.6 of that Act, or Part 2‑2 of the National Consumer Credit Protection Act 2009, relating to:\n (i) liability to pay instalments of levy; or\n (ii) payments by the CSLR operator.\n Reconciliation for earlier levy periods—annual levy\n (5) The CSLR operator may, for an earlier levy period and a sub‑sector, work out whether the sum of the total amount of levy paid that was earlier imposed by section 8 or 9 of the Levy Act:\n (a) for that earlier levy period; and\n (b) in relation to claims, fees and costs estimates for that earlier levy period and the sub‑sector:\n falls short of, or exceeds, the most recent claims, fees and costs estimate for that earlier levy period and the sub‑sector.\n Reconciliation for first levy period—levy for pre‑CSLR complaints\n (6) The CSLR operator may, at any time before the start of the fourth levy period, work out whether the sum of:\n (a) the total amount of levy paid that was earlier imposed by section 10 of the Levy Act for the first levy period; and\n (b) the total amount of levy paid that was earlier imposed by section 8 or 9 of the Levy Act for a levy period in relation to amounts:\n (i) referred to in paragraph (1)(d) of this section; and\n (ii) included in claims, fees and costs estimates for that earlier levy period;\n falls short of, or exceeds, the most recent revised estimate determined under section 12 of this Act.\n Reconciliation for first levy period—estimate of costs\n (7) The CSLR operator may, for the first levy period and a sub‑sector, work out whether the estimate under subsection 1069M(1) of the Corporations Act 2001 for the first levy period and the sub‑sector:\n (a) falls short of; or\n (b) exceeds;\n the revised costs determined under subsection 1069M(3) of that Act for the first levy period and the sub‑sector.\n Reconciliations—no double counting\n (8) The same shortfall or excess worked out under subsection (5), (6) or (7) is not to be included in an estimate under subsection (1) more than once.","sortOrder":10},{"sectionNumber":"10","sectionType":"section","heading":"Revised estimate of claims, fees and costs for a levy period","content":"#### 10 Revised estimate of claims, fees and costs for a levy period\n\n (1) The CSLR operator may:\n (a) after the start of the second levy period or a later levy period; and\n (b) after recalculating the amounts referred to in subsections 9(1) and (2) for the levy period and a sub‑sector;\n determine for the levy period and the sub‑sector a revised estimate using those recalculated amounts.\n\n> Note: A single instrument may determine revised estimates for several sub‑sectors.\n\n (2) The determination must include each of the recalculated amounts referred to in paragraph (1)(b) (including each of the recalculated amounts referred to in subparagraphs 9(1)(b)(i) to (v) and paragraph 9(2)(c)).\n (3) The determination may specify whether further levy needs to be imposed under subsection 8(2) of the Levy Act for the levy period and the sub‑sector.\n (4) The determination must be made as a legislative instrument if the determination so specifies that further levy needs to be imposed. Otherwise, the determination may be made as a legislative instrument or a notifiable instrument.\n\n> Note: If the determination is made as a notifiable instrument, any shortfall in levy can only be recovered:\n\n (a) as annual levy for a later levy period (see paragraph 9(1)(c) and subsection 9(5)), which will require a legislative instrument to be made under subsection 9(1); or\n (b) as special levy resulting from a legislative instrument made by the Minister under section 1069H of the Corporations Act 2001.","sortOrder":11},{"sectionNumber":"11","sectionType":"section","heading":"Initial estimate of unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day","content":"#### 11 Initial estimate of unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day\n\n The CSLR operator may, by legislative instrument made at any time after the commencement of this Act, determine for the first levy period an estimate that is the sum of:\n (a) the specified amount equal to what the CSLR operator reasonably believes (having regard to actuarial principles) will be the total amount of compensation that:\n (i) will be payable under section 1063 of the Corporations Act 2001; and\n (ii) relates to pre‑CSLR complaints; and\n (b) the specified amount equal to what the CSLR operator reasonably believes (having regard to actuarial principles) will be the portion of the total amount of AFCA’s unpaid fees for all months that relates to pre‑CSLR complaints; and\n (c) the specified amount equal to AFCA’s accumulated unpaid fees.\n\n> Note: Some of this compensation may become payable, or some of these fees may become unpaid fees, after the end of the first levy period. Such compensation and fees will still be part of this estimate for the first levy period.","sortOrder":12},{"sectionNumber":"12","sectionType":"section","heading":"Revised estimate of unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day","content":"#### 12 Revised estimate of unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day\n\n The CSLR operator may, by notifiable instrument made:\n (a) after the start of the first levy period; and\n (b) after recalculating the amounts referred to in paragraphs 11(a) to (c);\n determine for the first levy period a revised estimate using those recalculated amounts.\n\n> Note: From this revised estimate:\n\n (a) any shortfall in levy can only be recovered as annual levy for a later levy period (see paragraph 9(1)(d) and subsection 9(6)), which will require a legislative instrument to be made under subsection 9(1); and\n (b) any surplus in levy will reduce annual levy for a later levy period (see subparagraph 9(1)(b)(iv) and paragraph 9(2)(c)), which will be reflected in a legislative instrument to be made under subsection 9(1).","sortOrder":13},{"sectionNumber":"Part 3","sectionType":"part","heading":"Payment of levy, late payment penalty and shortfall penalty","content":"## Part 3—Payment of levy, late payment penalty and shortfall penalty","sortOrder":14},{"sectionNumber":"13","sectionType":"section","heading":"When levy due for payment","content":"#### 13 When levy due for payment\n\n Levy for pre‑CSLR complaints is payable in 2 instalments\n (1) Levy imposed by section 10 of the Levy Act on a person for the first levy period is payable by the person in 2 equal instalments. Each instalment is due and payable on a business day that is:\n (a) specified in a notice that ASIC gives to the person in relation to the instalment; and\n (b) not before the 30th day after the day on which the notice is given; and\n (c) for the first instalment—in the first levy period; and\n (d) for the second instalment—in the second levy period.\n\n> Note: The notice for the second instalment may be given in the first levy period. In that case, the person may choose to pay the second instalment in the first levy period, rather than waiting until the second levy period when the second instalment is due and payable.\n\n Annual levy, further levy and special levy\n (2) Levy imposed by subsection 8(1), (2) or (3) or section 9 of the Levy Act on a person for the second levy period or a later levy period is payable by the person in a single instalment. The instalment is due and payable on a business day that is:\n (a) specified in a notice that ASIC gives to the person in relation to the levy period; and\n (b) not before the 30th day after the day on which the notice is given.\n\n> Note: If a person is given a notice for levy imposed by subsection 8(1) of the Levy Act for a levy period, the person will be given a further notice if any further levy is imposed by subsection 8(2) of that Act, or any special levy is imposed by subsection 8(3) or section 9 of that Act, on the person for the levy period.\n\n ASIC’s notice may instead be given to a nominated person\n (3) If the person referred to in subsection (1) or (2) nominates another person by written notice given to ASIC:\n (a) the notice under paragraph (a) of that subsection may be given to the nominated person; and\n (b) the obligation imposed on the person by that subsection may be discharged by the nominated person.\n (4) To avoid doubt, subsection (3) does not otherwise affect the person’s liability to pay levy.","sortOrder":15},{"sectionNumber":"14","sectionType":"section","heading":"Late payment penalty","content":"#### 14 Late payment penalty\n\n (1) If any instalment of levy payable by a person remains unpaid at the start of a levy month after the instalment became due for payment, the person is liable to pay the Commonwealth, for that levy month, a penalty worked out using the following formula:\n ![Start formula Amount of the instalment remaining unpaid at the start of the levy month times start fraction 0.2 over 12 end fraction end formula](image.002.png)\n (2) Late payment penalty for a levy month is due and payable at the end of the levy month.\n (3) However, ASIC may, by written notice given to the person before, on or after the day on which late payment penalty would be due and payable apart from this subsection, specify a later day as the day on which the late payment penalty is due and payable. The notice has effect, and is taken always to have had effect, according to its terms.","sortOrder":16},{"sectionNumber":"15","sectionType":"section","heading":"Default notice","content":"#### 15 Default notice\n\n (1) ASIC may give a person a notice stating the amount that, in ASIC’s opinion, is an instalment of levy payable by the person for a levy period if:\n (a) a person fails to provide to ASIC information required to be provided under section 8 for the levy period; or\n (b) ASIC is not satisfied with information provided by the person under section 8 for the levy period; or\n (c) a person fails to comply with a requirement under section 20 to provide to ASIC information, or a document, relating to the person and the levy period.\n (2) The amount stated in the notice is taken to be the instalment of levy payable by the person for the levy period, unless the contrary is proved.","sortOrder":17},{"sectionNumber":"16","sectionType":"section","heading":"Shortfall penalty","content":"#### 16 Shortfall penalty\n\n (1) Subsection (3) applies if:\n (a) a person makes a statement to ASIC of information provided under section 8 for a levy period; and\n (b) the statement is false or misleading in a material particular, whether because of things in it or omitted from it; and\n (c) the amount of an instalment of levy the person paid for the levy period (the paid amount) was worked out on the basis of the statement; and\n (d) the paid amount fell short of the instalment of levy payable by the person for the levy period (worked out on the basis of the statement not being false or misleading).\n (2) However, subsection (3) does not apply if the person took reasonable steps to ensure the statement was correct.\n (3) The person is liable to pay, by way of penalty, an amount equal to twice the amount of the shortfall worked out under paragraph (1)(d).\n (4) Shortfall penalty is due and payable on a business day that is:\n (a) specified in a notice that ASIC gives to the person in relation to the levy period; and\n (b) not before the 30th day after the day on which the notice is given.\n (5) However, ASIC may, by written notice given to the person before, on or after the day on which shortfall penalty would be due and payable apart from this subsection, specify a later day as the day on which the shortfall penalty is due and payable. The notice has effect, and is taken always to have had effect, according to its terms.","sortOrder":18},{"sectionNumber":"17","sectionType":"section","heading":"Payment of levy, late payment penalty and shortfall penalty","content":"#### 17 Payment of levy, late payment penalty and shortfall penalty\n\n Each of the following are payable to ASIC on behalf of the Commonwealth:\n (a) an instalment of levy;\n (b) late payment penalty;\n (c) shortfall penalty.","sortOrder":19},{"sectionNumber":"18","sectionType":"section","heading":"Waiver of levy, late payment penalty and shortfall penalty","content":"#### 18 Waiver of levy, late payment penalty and shortfall penalty\n\n (1) ASIC may, on behalf of the Commonwealth, waive the payment of the whole or a part of one or more of the following amounts payable by a person, if ASIC is satisfied that there are exceptional circumstances justifying the waiver:\n (a) an instalment of levy;\n (b) late payment penalty;\n (c) shortfall penalty.\n (2) ASIC may do so on its own initiative or on written application by a person.\n (3) Applications must be in the approved form.","sortOrder":20},{"sectionNumber":"19","sectionType":"section","heading":"Recovery of levy, late payment penalty and shortfall penalty","content":"#### 19 Recovery of levy, late payment penalty and shortfall penalty\n\n (1) The following amounts may be recovered by the Commonwealth from a person as debts due to the Commonwealth:\n (a) an instalment of levy that is due and payable by the person;\n (b) late payment penalty that is due and payable by the person;\n (c) shortfall penalty that is due and payable by the person.\n (2) ASIC is authorised, as agent of the Commonwealth, to bring proceedings in the name of the Commonwealth for the recovery of a debt due to the Commonwealth of a kind mentioned in subsection (1).","sortOrder":21},{"sectionNumber":"20","sectionType":"section","heading":"Substantiation notices","content":"#### 20 Substantiation notices\n\n (1) This section applies to a person if:\n (a) the person has provided to ASIC, under section 8 for a levy period, information (required information) relating to the person or to one or more other persons on whom levy may be imposed; or\n (b) information (also required information) relating to the person is to be used by ASIC for the purposes of calculating the levy payable by the person for a levy period.\n (2) ASIC may give the person a written notice that requires the person to do either or both of the following:\n (a) give to ASIC, within the period and in the manner and form specified in the notice, information that could be capable of substantiating the required information;\n (b) produce to ASIC, within the period and in the manner and form specified in the notice, documents that could be capable of substantiating the required information.\n (3) The notice must:\n (a) name the person to whom it is given; and\n (b) specify the information to which it relates; and\n (c) explain the effect of sections 21 and 22.","sortOrder":22},{"sectionNumber":"21","sectionType":"section","heading":"Compliance with substantiation notice","content":"#### 21 Compliance with substantiation notice\n\n (1) A person who is given a substantiation notice must comply with the notice:\n (a) within the period specified in the notice; or\n (b) within such further time as ASIC allows under subsection (3).\n (2) A person given a substantiation notice under section 20 may apply to ASIC for further time to comply with the notice. An application must be in writing and made within 21 days after the notice is given.\n (3) ASIC may, by written notice given to the person, extend the period within which the person must comply with the notice.","sortOrder":23},{"sectionNumber":"22","sectionType":"section","heading":"Failure to comply with substantiation notice","content":"#### 22 Failure to comply with substantiation notice\n\n (1) A person commits an offence if:\n (a) the person is subject to a requirement under section 21; and\n (b) the person refuses or fails to comply with the requirement.\n\nPenalty: 10 penalty units.\n\n (2) An offence against subsection (1) is an offence of strict liability.\n (3) Subsection (1) does not apply if the person complies with the notice to the extent to which the person is capable of complying with it.\n\n> Note: A defendant bears an evidential burden in relation to the matters in this subsection (see subsection 13.3(3) of the Criminal Code).\n\n (4) Subsection (1) does not apply to the extent that the person has a reasonable excuse.\n\n> Note: A defendant bears an evidential burden in relation to the matters in this subsection (see subsection 13.3(3) of the Criminal Code).\n\n (5) It is a reasonable excuse for an individual to refuse or fail to answer a question or produce a document on the ground that to do so might tend to incriminate the individual or expose the individual to a penalty.","sortOrder":24},{"sectionNumber":"23","sectionType":"section","heading":"Exempting laws ineffective","content":"#### 23 Exempting laws ineffective\n\n (1) Nothing in a law passed before the commencement of this section exempts a person from liability to pay levy.\n (2) If a law (including a provision of a law) passed after the commencement of this section purports to exempt a person from:\n (a) liability to pay taxes under laws of the Commonwealth; or\n (b) liability to pay certain taxes under laws of the Commonwealth that would otherwise include levy;\n the law does not operate to exempt the person from liability to pay levy unless the exemption expressly refers to levy under this Act.\n (3) To avoid doubt, this section does not apply in relation to an exemption under this Act or the Levy Act.","sortOrder":25},{"sectionNumber":"24","sectionType":"section","heading":"Internal review of certain decisions","content":"#### 24 Internal review of certain decisions\n\n (1) A person who is affected by a decision of ASIC under section 18 may, if dissatisfied with the decision, request ASIC to reconsider the decision.\n (2) The request must:\n (a) be made by notice given to ASIC in the approved form within:\n (i) the period of 21 days after the day on which the person first receives notice of the decision; or\n (ii) any further period that ASIC allows; and\n (b) set out the reasons for making the request.\n (3) After receiving the request, ASIC must review the decision or cause the decision to be reviewed by a person:\n (a) to whom ASIC’s power under this section is delegated; and\n (b) who was not involved in the making of the decision.\n (4) Within 30 business days after receiving the request, the person reviewing the decision must:\n (a) reconsider the decision; and\n (b) confirm, revoke or vary the decision, as the person thinks fit.\n (5) If the person reviewing the decision does not confirm, revoke or vary the decision within the period of 30 business days after receiving the request, the person is taken to have confirmed the decision under subsection (4) immediately after the end of that period.\n (6) The person reviewing the decision must give a notice in writing to the person that made the request that sets out the result of the reconsideration of the decision and gives the reasons for that reconsideration.","sortOrder":26},{"sectionNumber":"25","sectionType":"section","heading":"Administrative Review Tribunal review of certain decisions","content":"#### 25 Administrative Review Tribunal review of certain decisions\n\n Applications may be made to the Administrative Review Tribunal for review of:\n (a) a decision of ASIC that has been confirmed or varied under subsection 24(4) or a decision that has been taken to have been confirmed under subsection 24(5); or\n (b) a decision of ASIC under subsection 24(4) to revoke a decision.","sortOrder":27},{"sectionNumber":"Part 4","sectionType":"part","heading":"Other matters","content":"## Part 4—Other matters","sortOrder":28},{"sectionNumber":"26","sectionType":"section","heading":"Treatment of partnerships","content":"#### 26 Treatment of partnerships\n\n (1) This Act applies to a partnership as if it were a person, but with the changes set out in this section.\n (2) An obligation that would otherwise be imposed on the partnership by this Act is imposed on each partner instead, but may be discharged by any of the partners.\n (3) An offence against this Act that is committed by a partnership is taken to have been committed by each partner in the partnership, at the time the offence was committed, who:\n (a) did the relevant act or made the relevant omission; or\n (b) aided, abetted, counselled or procured the relevant act or omission; or\n (c) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).","sortOrder":29},{"sectionNumber":"27","sectionType":"section","heading":"Treatment of unincorporated associations","content":"#### 27 Treatment of unincorporated associations\n\n (1) This Act applies to an unincorporated association as if it were a person, but with the changes set out in this section.\n (2) An obligation that would otherwise be imposed on the association by this Act is imposed on each member of the association’s committee of management instead, but may be discharged by any of the members.\n (3) An offence against this Act that would otherwise have been committed by the unincorporated association is taken to have been committed by each member of the association’s committee of management, at the time the offence was committed, who:\n (a) did the relevant act or made the relevant omission; or\n (b) aided, abetted, counselled or procured the relevant act or omission; or\n (c) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the member).","sortOrder":30},{"sectionNumber":"28","sectionType":"section","heading":"Treatment of RSE licensees","content":"#### 28 Treatment of RSE licensees\n\n (1) This Act applies to an RSE licensee that is a group of individual trustees as if the group were a person, but with the changes set out in this section.\n (2) An obligation that would otherwise be imposed on the group by this Act is imposed on each individual, but may be discharged by any of the individuals.\n (3) An offence against this Act that would otherwise have been committed by the group is taken to have been committed by each individual trustee, at the time the offence was committed, who:\n (a) did the relevant act or made the relevant omission; or\n (b) aided, abetted, counselled or procured the relevant act or omission; or\n (c) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the individual).","sortOrder":31},{"sectionNumber":"29","sectionType":"section","heading":"Treatment of multiple trustees","content":"#### 29 Treatment of multiple trustees\n\n (1) This section applies if the trustee or trustees of a trust are treated during a period as constituting:\n (a) a single legal entity (the notional entity) under section 761FA of the Corporations Act 2001; or\n (b) a single person (also the notional entity) under section 15 of the National Consumer Credit Protection Act 2009.\n (2) This Act applies to the notional entity during the period as if the notional entity were a person, but with the changes set out in this section.\n (3) During the period, or any part of the period, that the trust has 2 or more trustees:\n (a) an obligation that would otherwise be imposed on the notional entity by this Act is imposed instead on each trustee, but may be discharged by any of the trustees; and\n (b) an offence against this Act that would otherwise have been committed by the notional entity is taken to have been committed by each trustee, at the time the offence was committed, who:\n (i) did the relevant act or made the relevant omission; or\n (ii) aided, abetted, counselled or procured the relevant act or omission; or\n (iii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the trustee).\n (4) During the period, or any part of the period, that the trust has only one trustee:\n (a) an obligation that would otherwise be imposed on the notional entity by this Act is imposed instead on that single trustee; and\n (b) an offence against this Act that would otherwise have been committed by the notional entity is taken to have been committed by that single trustee.","sortOrder":32},{"sectionNumber":"30","sectionType":"section","heading":"Approved forms","content":"#### 30 Approved forms\n\n (1) Information, a notice, statement, application or other document under this Act is in the approved form if, and only if:\n (a) it is in the form prescribed in the regulations, or, if the regulations do not prescribe a form, it is in a form approved, in writing, by ASIC; and\n (b) it is provided in the manner prescribed in the regulations, or, if the regulations do not prescribe a manner, in the manner required by ASIC (which may include electronically).\n (2) A different approved form may be prescribed, or approved, for different classes of person.","sortOrder":33},{"sectionNumber":"31","sectionType":"section","heading":"Regulations","content":"#### 31 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed by the regulations; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":34}],"analysis":{"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"This Collection Act does not alter which entities are liable under the separate Levy Act; instead it establishes the procedural framework for estimating, notifying, collecting and recovering levy amounts (notably ss8–13,14–19). It narrows exemption routes by providing that other laws do not exempt liability for levy unless they expressly reference this levy (s23). The Act therefore changes enforcement and recovery scope but not the substantive reach of levy liability."},"complexity_factors":["Multiple institutional actors with distinct powers and roles (CSLR operator sets actuarial estimates and reconciliations — ss9–12; ASIC issues notices, substantiation and default notices, enforces payment — ss8,13,15,20).","Heavy cross‑reference to the Corporations Act and the separate Levy Act for definitions, liability and substantive coverage, increasing interpretive dependency (defined terms and substantive references throughout — e.g. definitions and ss9–12).","Actuarial estimation and reconciliation regime spanning multiple levy periods with rules to avoid double‑counting and to treat surpluses/shortfalls differently across periods (ss9(1)–(8),10,11,12).","Different instrument types and validity constraints (legislative instruments required for initial/revised estimates that impose further levy; notifiable instruments permitted in some revisions — s9(1),10(4)).","Strict‑liability offences and civil debt recovery paired with penalty formulas and administrative discretions (strict liability for failure to supply information and substantiation — ss8(6)–(8),22; late payment and shortfall penalty calculations — ss14,16,19).","ASIC discretion in timing, forms, extensions, waivers and notices (ASIC may determine deadlines and manner, extend compliance time, waive amounts for ‘exceptional circumstances’ — ss8(4)–(5),21–22,18).","Compliance burden across entity types and special treatments (partnerships, unincorporated associations, multiple trustees treated as persons with obligations imposed on individuals — ss26–29; approved forms and electronic provision rules — s30).","Scope and applicability nuances: Crown binding exceptions, extraterritorial reach, and a provision limiting post‑commencement exemption claims by other laws (ss4,5,6,23)."],"plain_english_summary":"This Act sets out the process for collecting the Financial Services Compensation Scheme of Last Resort levy: who must supply pre‑levy information, how the CSLR operator estimates and revises levy amounts, how ASIC issues payment notices, and the penalties for late, false or missing information. It applies to entities liable under the Levy Act (including firms, partnerships, trustees and unincorporated associations), gives ASIC and the CSLR operator decision‑making and enforcement powers, and creates reporting, payment and substantiation obligations that change compliance and recordkeeping behaviour."},"issue_detection":{"absurdities":[{"type":"impossible_compliance","section":"7 (definition of 'capital reserve establishment contribution')","severity":"high","reasoning":"A statutory definition that relies on 'approximately' is self-defeating. Definitions in legislation must provide certainty. If the capital reserve is exactly $5 million (as defined), one third is exactly $1,666,666.67. The word 'approximately' implies it could be a different amount, but that different amount is nowhere specified. This creates an unresolvable ambiguity in a financial obligation that flows through into levy calculations under section 9(1)(b)(iv).","confidence":0.88,"description":"The capital reserve establishment contribution is defined as 'an amount equal to approximately one third of the capital reserve.' Using 'approximately' in a statutory definition of a financial obligation creates an inherently vague legal standard. Levy payers and administrators cannot determine with certainty what the precise amount is, and no mechanism is provided to resolve the approximation into a definite figure."},{"type":"self_contradicting","section":"4(1) and 4(2)","severity":"medium","reasoning":"If the Crown in right of a State is bound by the Act but cannot be liable to a pecuniary penalty, and if levy instalments or late payment penalties are characterised as pecuniary penalties (which is a live statutory interpretation question), then the binding provision is hollow. The Act binds the Crown but simultaneously immunises it from the financial consequences of that binding.","confidence":0.72,"description":"Section 4(1) binds the Crown in right of the States and Territories but not the Commonwealth, yet section 4(2) states the Act does not make 'the Crown' liable to a pecuniary penalty or prosecution. Section 4(2) uses the unqualified term 'the Crown', which could be read to protect all Crowns including State/Territory Crowns, thereby partially negating the binding effect in subsection (1) to the extent the levy or penalties could be characterised as pecuniary penalties."},{"type":"self_contradicting","section":"8(6) and 8(8)","severity":"low","reasoning":"While this is a recognised legislative drafting pattern in Australian law (see Criminal Code Act 1995 s 9.2), the combination is logically incoherent in that strict liability is meant to impose responsibility regardless of fault, yet a 'reasonable excuse' is fundamentally a fault-based concept. The same tension appears in sections 22(2) and 22(4).","confidence":0.62,"description":"Section 8(6) creates a strict liability offence for failing to provide information, but section 8(8) provides a 'reasonable excuse' defence. For strict liability offences, the usual rationale is that no mental element or excuse is required. Providing a reasonable excuse defence to a strict liability offence is internally contradictory: the offence removes the mental element but the defence reintroduces a subjective evaluative standard, undermining the purpose of strict liability."},{"type":"other","section":"13(1)(c) and 13(1)(d)","severity":"low","reasoning":"If a person pays the second instalment early (in the first levy period), section 14's late payment penalty is calculated based on the amount 'remaining unpaid at the start of a levy month after the instalment became due for payment.' If the second instalment is due in the second levy period but paid in the first, it is unclear whether section 14 applies at all if the payment is made before the due date but the legislation only contemplates a due date in the second period. The interaction is unclear rather than impossible but creates administrative confusion.","confidence":0.65,"description":"Section 13(1) requires levy for pre-CSLR complaints to be paid in 2 equal instalments: the first in the first levy period and the second in the second levy period. However, the note to section 13(1) states the person 'may choose to pay the second instalment in the first levy period.' This creates a structural oddity: the legislation mandates when an instalment is 'due and payable' but simultaneously contemplates voluntary early payment, which could interact unpredictably with the late payment penalty mechanism in section 14."},{"type":"retroactive_impossibility","section":"23(1)","severity":"medium","reasoning":"While Parliament has the constitutional power to do this, the provision is logically absurd in effect: it means that exemptions granted under other Commonwealth legislation (e.g., charitable or governmental exemptions) are retrospectively stripped without any identification of what is overridden, creating uncertainty across the entire prior statutory landscape.","confidence":0.75,"description":"Section 23(1) declares that '[n]othing in a law passed before the commencement of this section exempts a person from liability to pay levy.' This is a retroactive override of all prior exemptions without specifying which laws or persons are affected. Persons who structured their affairs in reliance on prior exemptions are retroactively exposed to levy liability without notice or transitional provisions."},{"type":"impossible_compliance","section":"9(1)(b)(iv) and 9(1)(b)(v)","severity":"medium","reasoning":"The capital reserve of $5 million is meant to be established via approximately one-third contributions in periods two and three (totalling approximately two-thirds), with the remaining third unaccounted for in the statutory formula. The 'restoration' mechanism in period four-plus only applies to depletion, not to an under-establishment. The capital reserve may never reach its target $5 million under the statutory formula.","confidence":0.7,"description":"For the second and third levy periods, the capital reserve establishment contribution is included in the estimate (reduced by half of any specified excess under s 9(6)). For the fourth and each later levy period, the amount 'necessary to restore the capital reserve' is included. However, if no capital reserve depletion has occurred, the restoration amount is zero, meaning the capital reserve is only actively funded in periods two and three. There is no mechanism to top up the capital reserve in periods four-plus if it was never depleted but also never fully established (e.g., if the establishment contributions in periods two and three fell short due to the excess reduction mechanism)."},{"type":"retroactive_impossibility","section":"14(3) and 16(5)","severity":"low","reasoning":"A notice issued, say, 60 days after an original due date that is 'taken always to have had effect' means that for those 60 days the legal position was uncertain and any legal proceedings commenced in that window (e.g., for recovery of unpaid amounts) may have been technically premature but the law retroactively deems them not to have been. This is a logical impossibility: a notice cannot 'always' have had effect if it did not exist until after the relevant period.","confidence":0.68,"description":"Both sections 14(3) and 16(5) provide that ASIC's notice specifying a later due date 'has effect, and is taken always to have had effect, according to its terms.' This retrospective effect provision means ASIC can issue a notice after the original due date has passed and deem it to have always applied, effectively rewriting history. This creates a legal fiction that could prejudice third parties or courts attempting to assess rights at a particular point in time."},{"type":"impossible_compliance","section":"24(5)","severity":"medium","reasoning":"When a decision is taken to be confirmed by the effluxion of time under s 24(5), there is no actual decision made and no reasons formulated. Section 24(6) requires the reviewer to 'give a notice in writing... that sets out the result of the reconsideration of the decision and gives the reasons for that reconsideration.' If the reviewer did nothing, they have no reasons to provide. The obligation under s 24(6) is therefore impossible to discharge in a meaningful way in the deemed-confirmation scenario.","confidence":0.82,"description":"If the reviewing person does not confirm, revoke or vary the decision within 30 business days, the decision is 'taken to have been confirmed.' However, section 24(6) requires the reviewing person to give written notice of the result and reasons for reconsideration. If the decision is deemed confirmed by inaction under subsection (5), there are no reasons to give, yet subsection (6) still requires reasons. Compliance with subsection (6) is impossible in a deemed-confirmation scenario."}],"contradictions":[{"severity":"medium","section_a":"8(5)(a)","section_b":"8(1) and 8(2)(b)(i)","confidence":0.7,"description":"Section 8(5)(a) requires ASIC's determined day for information provision to be '2 months or more after the day on which the notice is first published on ASIC's website.' Section 8(2)(b)(i) provides a default deadline of 28 days after the person is notified under subsection (1). There is a potential contradiction: if ASIC notifies a person under s 8(1) but has not yet determined a day under s 8(4), the default 28-day deadline applies. However, if ASIC subsequently determines a day under s 8(4) that must be at least 2 months after website publication, the determined day may fall after the 28-day default has already expired, creating a retroactive extension of an already-passed deadline with unclear legal effect."},{"severity":"medium","section_a":"15(2)","section_b":"13(1) and 13(2)","confidence":0.73,"description":"Section 15(2) provides that the amount stated in a default notice 'is taken to be the instalment of levy payable by the person for the levy period, unless the contrary is proved.' Sections 13(1) and 13(2) provide that instalments are due on a business day specified in ASIC's notice, not before 30 days after the notice. A default notice under section 15 does not specify a due date in accordance with section 13's requirements. It is unclear whether the amount deemed payable under section 15 becomes immediately payable or must wait for a further section 13 notice, creating a gap in the payment mechanics."},{"severity":"low","section_a":"23(2)","section_b":"23(3)","confidence":0.65,"description":"Section 23(2) prevents future laws from exempting persons from levy unless they expressly refer to 'levy under this Act.' Section 23(3) carves out exemptions 'under this Act or the Levy Act.' However, section 18 of this Act gives ASIC discretionary power to waive levy in 'exceptional circumstances', which is functionally an exemption power. Section 23(2)'s override of other laws' exemptions is internally inconsistent with section 18's broad administrative exemption power, creating a hierarchy where Parliament cannot easily exempt via statute but ASIC can exempt administratively."},{"severity":"low","section_a":"9(1) (legislative instrument requirement)","section_b":"10(4)","confidence":0.6,"description":"Section 9(1) requires the initial estimate to be made by legislative instrument. Section 10(4) provides that a revised estimate must be made as a legislative instrument only if it specifies that further levy needs to be imposed; otherwise it may be a notifiable instrument. A notifiable instrument has significantly weaker Parliamentary scrutiny than a legislative instrument. The effect is that upward revisions triggering further levy require Parliamentary oversight, but downward revisions (which reduce levy) do not, creating an asymmetric accountability regime. While not a direct contradiction, this creates a structural inconsistency in the oversight framework between subsections of the same scheme."},{"severity":"medium","section_a":"26(3)","section_b":"26(2)","confidence":0.67,"description":"Section 26(2) imposes obligations on 'each partner' but allows discharge by 'any' partner. Section 26(3) deems an offence committed by a partnership to have been committed by each partner who did the act, aided/abetted, or was knowingly concerned. The contradiction arises because if any partner can discharge the obligation (s 26(2)), a failure to comply may not be attributable to all partners equally, yet the offence provision in s 26(3) captures each partner involved. A partner who was unaware of the failure and did nothing cannot have 'did the relevant act or made the relevant omission' (since the omission was the partnership's collective failure), yet they may still bear personal criminal liability. This same tension appears in sections 27(3) and 28(3)."}]},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation appears tightly scoped to its original purpose of establishing collection mechanisms for the CSLR levy. The machinery provisions (information gathering, payment, penalties, debt recovery) are standard for Commonwealth levy collection Acts and do not represent scope creep beyond the fundamental task of collecting money to fund the compensation scheme."},"complexity_factors":["Heavy cross-referencing to the Corporations Act 2001 (at least 12 defined terms imported by reference)","Nested conditional logic in levy calculations — estimates depend on prior period reconciliations, shortfalls, excesses, and capital reserve adjustments spanning multiple levy periods (first through fourth and beyond)","Dual legislative instrument/notifiable instrument pathways for estimates (section 10) with different legal consequences depending on instrument type","Complex treatment of \"persons\" across 4 sections (26-29) dealing with partnerships, unincorporated associations, RSE licensees, and multiple trustees — each with slightly different liability rules","Multiple penalty regimes (late payment, shortfall, offence penalties) with different triggers, calculation methods, and due dates","Temporal complexity — different rules apply to \"pre-CSLR complaints\" (first levy period) versus annual levy (second period onwards), with special reconciliation rules for the first three periods","Interaction with companion legislation (Levy Act) — many provisions only make sense when read together with the imposition Act"],"plain_english_summary":"**What this law does:**\n\nThis Act sets up the machinery for collecting money from financial services businesses to fund Australia's **Compensation Scheme of Last Resort (CSLR)** — a safety net that pays compensation to people who lose money because of dodgy financial advice or misconduct when the firm responsible can't pay.\n\n**Who it affects:**\n\n- **Financial services businesses** (levy payers) — particularly those in sub-sectors like financial advice, credit intermediation, and securities dealing. This includes partnerships, unincorporated associations, superannuation trustees, and multiple trustee arrangements.\n- **ASIC** — the corporate regulator, which collects the money, sends bills, and chases late payments.\n- **The CSLR operator** — the body that estimates how much money needs to be raised each year.\n\n**How it works:**\n\n- **Estimating the bill:** Before each financial year, the CSLR operator estimates how much compensation will need to be paid, plus AFCA's (the complaints body) unpaid fees and running costs. This estimate is split across industry sub-sectors.\n- **Information gathering:** ASIC can demand information from businesses to work out how much levy they owe. There are penalties for not providing this information or providing false/misleading information.\n- **Paying up:** Businesses get a notice from ASIC telling them when to pay. The first year's levy for old complaints (pre-CSLR) is paid in two instalments; later years are paid in one lump sum.\n- **Penalties:** \n - **Late payment penalty:** 0.2% per month on unpaid amounts (roughly 2.4% per year).\n - **Shortfall penalty:** Double the shortfall if you underpay because you gave false or misleading information.\n- **Enforcement:** ASIC can issue \"default notices\" if you don't cooperate, and the Commonwealth can sue to recover debts. However, ASIC can waive penalties in \"exceptional circumstances.\"\n\n**Why it matters:**\n\nThis is the \"collection\" companion to the main Levy Act. Without it, the CSLSR would have no way to actually get the money from industry to pay victims. It creates a detailed administrative framework with teeth — information-gathering powers, penalties for non-compliance, and debt recovery mechanisms — while also building in review rights (internal review and Administrative Review Tribunal) for disputed decisions.\n\n**Key quirks:**\n- The Act has **extraterritorial reach** — it applies to acts outside Australia.\n- It **binds State and Territory governments** (but not the Commonwealth Crown).\n- It treats partnerships, unincorporated associations, and trustee groups as \"persons\" but makes individual partners/members liable for obligations and offences."},"summary":{"complexity_score":8,"scope_assessment":{"changed":false,"description":"The Act operates as intended — purely as a collection and enforcement mechanism for the CSLR levy. It does not expand or restrict the underlying obligation to pay the levy (which is governed by the companion Levy Act), and its scope appears consistent with its stated purpose of establishing administrative machinery for information gathering, estimation, billing, penalties, and dispute resolution."},"complexity_factors":["Multiple interlocking legislative instruments required (initial estimates, revised estimates, shortfall/excess reconciliations) each with different procedural requirements (legislative vs notifiable instruments)","Extensive cross-referencing to external legislation — the Corporations Act 2001, the companion Levy Act, National Consumer Credit Protection Act 2009, and ASIC Supervisory Cost Recovery Levy (Collection) Act 2017","Multi-period reconciliation mechanism with complex carry-forward/carry-back rules for shortfalls and excesses across up to four levy periods","Separate treatment of 'pre-CSLR complaints' with distinct estimation, levy imposition, and reconciliation pathways running parallel to the main framework","Capital reserve contribution rules that change formula inputs depending on which levy period you are in (periods 1-4 each have different treatment)","Four separate legal entity treatment regimes (partnerships, unincorporated associations, RSE licensee groups, and multiple trustees) each with distinct liability allocation rules","Strict liability criminal offences with layered defences (reasonable excuse, incrimination privilege) requiring careful reading to understand scope","Two-stage review mechanism (internal ASIC review followed by Administrative Review Tribunal) with deemed-confirmation provisions if deadlines are missed","Extraterritorial and Crown-binding provisions that require careful interpretation in context"],"plain_english_summary":"This Act creates the collection and enforcement framework for a compulsory levy on financial services businesses to fund Australia’s Compensation Scheme of Last Resort (CSLR). It empowers ASIC to gather information, issue levy notices and enforce payment, and allocates liability across complex business structures.\n\nIt matters because it funds a safety net that pays consumers when providers cannot or will not compensate, ensuring recoveries even if firms fail."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-act-2023","history":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-act-2023/history","analysis":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-act-2023/analysis","conflicts":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-act-2023/conflicts","importantCases":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-act-2023/important-cases","documents":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-act-2023/documents"}}