Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023
11Initial estimate of unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day
Start here
Get a plain-English read of 11
Turn the raw legal text into a practical explanation grounded in Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023.
11 Initial estimate of unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day
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: (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: (i) will be payable under section 1063 of the Corporations Act 2001; and (ii) relates to pre‑CSLR complaints; and (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 (c) the specified amount equal to AFCA’s accumulated unpaid fees.
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.