{"id":"F2024L00324","name":"Financial Services Compensation Scheme of Last Resort Levy (Collection) (Initial Cost Estimates for 2024-25 Levy Period) Determination 2024","slug":"financial-services-compensation-scheme-of-last-resort-levy-collection-initial-cost-estimates-for-202","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442318,"registerId":"F2024L00324-fast-fetch-1775957356112","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Services Compensation Scheme of Last Resort Levy (Collection) (Initial Cost Estimates for 2024-25 Levy Period) Determination 2024","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth coat of arms of Australia](image.001.jpeg)\n\n \n\nFinancial Services Compensation Scheme of Last Resort Levy (Collection) (Initial Cost Estimates for 2024-25 Levy Period) Determination 2024\n\nThe Compensation Scheme of Last Resort Limited, operator of the financial services compensation scheme of last resort, makes the following determination.\n\nDated     14 March 2024\n\n \n\nCompensation Scheme of Last Resort Limited\n\nOperator of the Financial Services Compensation Scheme of Last Resort\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—Initial estimates of claims, fees and costs for 2024‑25 levy period\n\n5  Credit intermediaries sub-sector\n\n6  Credit providers sub-sector\n\n7  Licensed personal advice sub-sector\n\n8  Securities dealers sub-sector\n\nPart 1—Preliminary\n\n \n\n1  Name\n\n  This instrument is the Financial Services Compensation Scheme of Last Resort Levy (Collection) (Initial Cost Estimates for 2024-25 Levy Period) Determination 2024.\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 Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023.\n\n4  Definitions\n\nNote:  Expressions have the same meaning in this instrument as in the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.\n\n  In this instrument:\n\n2024-25 levy period means the 12-month period starting after the end of the first levy period.\n\ncredit intermediaries sub-sector has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Regulations 2023.\n\ncredit providers sub-sector has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Regulations 2023.\n\nfinancial services compensation scheme of last resort has the same meaning as in the Corporations Act 2001.\n\nfirst levy period has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Act 2023.\n\nlicensed personal advice sub-sector has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Regulations 2023.\n\nsecurities dealers sub-sector has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Regulations 2023.\n\nthe Act means the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023.\n\nPart 2—Initial estimates of claims, fees and costs for 2024‑25 levy period\n\nNote 1: The 2024-25 levy period is the second levy period.\n\nNote 2: No amounts have been included in relation to subparagraph 9(1)(b)(v) and paragraph 9(2)(c) of the Act as those provisions do not apply until the fourth or later levy periods.\n\n5  Credit intermediaries sub-sector\n\n  Under subsection 9(1) of the Act, for the 2024-25 levy period and the credit intermediaries sub-sector, the determined estimate is $1,799,985.77, being the sum of the following specified amounts:\n\n (a) for the purposes of paragraph 9(1)(a) of the Act, the amount of $359,721.54;\n\n (b) for the purposes of paragraph 9(1)(b) of the Act, the amount of $1,440,264.23, comprising the following:\n\n (i) $126,498.55 (see subparagraph 9(1)(b)(i) of the Act);\n\n (ii) $535,952.51 (see subparagraph 9(1)(b)(ii) of the Act);\n\n (iii) $361,146.50 (see subparagraph 9(1)(b)(iii) of the Act);\n\n (iv) $416,666.67 (see subparagraph 9(1)(b)(iv) of the Act).\n\n6  Credit providers sub-sector\n\n  Under subsection 9(1) of the Act, for the 2024-25 levy period and the credit providers sub-sector, the determined estimate is $1,497,768.71, being the sum of the following specified amounts:\n\n (a) for the purposes of paragraph 9(1)(a) of the Act, the amount of $14,752.20;\n\n (b) for the purposes of paragraph 9(1)(b) of the Act, the amount of $1,483,016.51, comprising the following:\n\n (i) $162,323.36 (see subparagraph 9(1)(b)(i) of the Act);\n\n (ii) $542,879.98 (see subparagraph 9(1)(b)(ii) of the Act);\n\n (iii) $361,146.50 (see subparagraph 9(1)(b)(iii) of the Act);\n\n (iv) $416,666.67 (see subparagraph 9(1)(b)(iv) of the Act).\n\n7  Licensed personal advice sub-sector\n\n  Under subsection 9(1) of the Act, for the 2024-25 levy period and the licensed personal advice sub-sector, the determined estimate is $18,562,058.57, being the sum of the following specified amounts:\n\n (a) for the purposes of paragraph 9(1)(a) of the Act, the amount of $11,377,857.89;\n\n (b) for the purposes of paragraph 9(1)(b) of the Act, the amount of $7,184,200.68, comprising the following:\n\n (i) $1,978,098.65 (see subparagraph 9(1)(b)(i) of the Act);\n\n (ii) $4,428,288.86 (see subparagraph 9(1)(b)(ii) of the Act);\n\n (iii) $361,146.50 (see subparagraph 9(1)(b)(iii) of the Act);\n\n (iv) $416,666.67 (see subparagraph 9(1)(b)(iv) of the Act).\n\n8  Securities dealers sub-sector\n\n  Under subsection 9(1) of the Act, for the 2024-25 levy period and the securities dealers sub-sector, the determined estimate is $2,287,886.73, being the sum of the following specified amounts:\n\n (a) for the purposes of paragraph 9(1)(a) of the Act, the amount of $759,445.28;\n\n (b) for the purposes of paragraph 9(1)(b) of the Act, the amount of $1,528,441.45, comprising the following:\n\n (i) $193,006.55 (see subparagraph 9(1)(b)(i) of the Act);\n\n (ii) $557,621.73 (see subparagraph 9(1)(b)(ii) of the Act);\n\n (iii) $361,146.50 (see subparagraph 9(1)(b)(iii) of the Act);\n\n (iv) $416,666.67 (see subparagraph 9(1)(b)(iv) of the Act).\n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument does not change the statutory scope of the levy. It implements subsection 9(1) of the Act by fixing initial cost estimates for the second levy period for four sub‑sectors (see Part 2, ss 5–8) and omits items that only apply from the fourth levy period (see Note 2)."},"complexity_factors":["Purely numeric schedule: precise dollar figures listed for four sub‑sectors (see Parts 2, ss 5–8).","Cross‑references to statutory calculation points in the Act (subsection 9(1) and subparagraphs 9(1)(b)(i)–(iv)) increase legal linkage though not technical calculation complexity (see ss 5–8).","Definitions and sub‑sector meanings rely on the Levy Regulations and the Act rather than being defined here (see s 4).","Timing and commencement formalities are formal but straightforward (see s 2).","Explicit exclusion of fourth‑period items reduces scope but requires awareness of phased application (see Note 2).","No discretionary formulas or new obligations in this instrument — it is an administrative costing instrument rather than a rule‑making or enforcement text."],"plain_english_summary":"This determination sets the operator’s initial dollar estimates of claims, fees and operating costs for the 2024–25 levy period, broken down by financial‑services sub‑sector; those figures feed directly into levy calculations under the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023. It affects firms in the credit intermediaries, credit providers, licensed personal advice and securities dealers sub‑sectors because those firms ultimately fund the levy; it explicitly excludes amounts that only apply from the fourth levy period."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is a narrow, technical determination made under specific statutory authority. It performs exactly the function intended by the parent Act: setting initial cost estimates for a specific levy period. The scope has not expanded beyond this single administrative task."},"complexity_factors":["Short instrument (8 sections, ~2 pages)","Minimal defined terms (7 definitions, all referencing external regulations)","Simple structure: preliminary provisions + four parallel monetary determinations","No conditional logic or nested exceptions","Heavy cross-referencing to parent Act (Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023) and Regulations, but this is standard for subordinate legislation","Purely arithmetic content—sums of specified dollar amounts with legislative citations","No temporal contingencies or operational rules beyond commencement"],"plain_english_summary":"Australia’s Compensation Scheme of Last Resort estimates how much each part of the financial sector should contribute for 2024–25 to pay consumers harmed by misconduct when the responsible firm is insolvent. The second-year funding needs are broken down across four industry groups, with licensed personal advisers bearing the largest share due to historical claim patterns.  \n\nThese sector totals feed a levy formula applied to firms (covering expected payouts, operating costs and reserves), so it matters to both financial businesses’ costs and consumers’ access to compensation."}},"importantCases":[],"_links":{"self":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-initial-cost-estimates-for-202","history":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-initial-cost-estimates-for-202/history","analysis":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-initial-cost-estimates-for-202/analysis","conflicts":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-initial-cost-estimates-for-202/conflicts","importantCases":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-initial-cost-estimates-for-202/important-cases","documents":"/api/acts/financial-services-compensation-scheme-of-last-resort-levy-collection-initial-cost-estimates-for-202/documents"}}