The $250 million compensation scheme is designed to protect the so-called forgotten people left out of pocket by the scandal-rocked financial services sector.
When Treasurer Josh Frydenberg quietly unveiled an industry-funded compensation scheme of last resort of up $250 million as part of a reform plan to clean up a sector rocked by scandals, it was a case of better late than never.
The scheme, announced on Friday afternoon, was part of a landmark suite of banking royal commission reforms Frydenberg had promised to adopt back in February 2019.
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Adele Ferguson is a Gold Walkley Award winning investigative journalist. She reports and comments on companies, markets and the economy. Connect with Adele on Twitter. Email Adele at adele.ferguson@theage.com.au
