Page 265 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story
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CHAPTER 25 - HONOURS AND AWARDS
over the years because of the problems with the financial service companies. FOS Determinations or Court awards means very little if the Australian Financial Services Licensees (AFSL) are out of business.
• Compensation schemes should cover consumers who have lost money due to insolvency or disappearance of the AFS licensees, but would not cover investment performance. The schemes would have a right of recourse against defaulting AFS licensees and while the consumer would not receive 100%, they would at least receive a reasonable amount.
It is estimated millions of dollars are owed by the industry to consumers and whilst there are rumours out there and a lot of talk, no firm action has been taken to establish the compensation scheme of last resort.
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