The federal government has completed the selection of its board members for the Compensation Scheme of Last Resort (CSLR), naming former Financial Planning Association (FPA) chief executive Jo-Anne Bloch as its inaugural chairperson, effective from 1 February.
Bloch will join recently appointed directors Delia Rickard, Kevin O’Sullivan and chief executive David Berry on the board of CSLR Limited for an initial term of three years.
She previously served on the boards of the Sydney Financial Forum, Association of Superannuation Funds Australia, Financy and Colonial First State and prior to those roles was head of superannuation services at Mercer. She also spent nearly four years leading the FPA before leaving in 2010.
Assistant Treasurer and Financial Services Minister Stephen Jones emphasised Bloch’s 25-year career, which includes both executive and non-executive roles in the industry, as he welcomed her appointment.
“Ms Bloch is an experienced leader in financial services, and in particular financial advice, with extensive experience in engaging government and in the not‑for‑profit sector, and is well equipped to guide the scheme at its inception and beyond. The government congratulates Ms Bloch on her appointment to the board of CSLR Limited,” Jones stated in a press release.
Additionally, the government announced consumers will be able to lodge claims under the CSLR from 2 April, with compensation of up to $150,000 to eligible consumers who have an unpaid determination from the Australian Financial Complaints Authority relating to the provision of personal financial advice, credit intermediation, securities dealing and credit provision.
The government introduced the scheme in June last year after the Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Bill 2023 successfully passed through the Senate.
At the time, Jones said the scheme would assist more than 2000 consumers who had filed claims of misconduct against licensed financial services firms, but had yet to obtain compensation and redress.