Compensation Scheme of Last Resort (CSLR): Establishment of the CSLR Operator Grant Opportunity Guidelines

Overview

The grant opportunity will provide the Australian Financial Complaints Authority Limited (hereafter ‘AFCA’) with funding to establish the company that will operate the Compensation Scheme of Last Resort (hereafter the ‘CSLR Operator’), fund the CSLR Operator’s operational costs in advance of the commencement of the CSLR, and provide support to the CSLR Operator for a period after the commencement of the CSLR. The grant opportunity will require AFCA to stand up the governance, legal, financial, system, resourcing and operational requirements for the CSLR and meet the operating costs of the CSLR Operator until the CSLR starts in April 2024. The objectives of providing AFCA with funding are the: establishment of the CSLR Operator operationalisation of the CSLR Operator so it can operate from April 2024 support of the CSLR Operator’s activities until 30 June 2024 The grant opportunity will be administered by the Department of the Treasury according to the Commonwealth Grants Rules and Guidelines (CGRGs).