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1. Should the ombudsman/ afca manage the funds of LRCS? We are seeing UGC victims being denied compensations, although their complaints are justified. We know in details what happened there. Q - Conflict of interest here? AFCA/Ombudsman role is purely there to protect retail investors, not manage funds.
2. Should AFCA/ ombudsman assist investors pursue the Profession Indemnity to compensate the victims of UGC and the like?. This would alleviate the purse. Why should we fund the purse? ASIC place the firms in liquidation. The victims should not be denied compensation for wrong doing. And good planners should NOT pay the bill (meaning really, planners' clients pay the bill, charged planners a fee, which in turn pay AFCA).
Things to consider.
Why is UGC the main contributor to FY25–26 CSLR levy?