The Compensation Scheme of Last Resort (CSLR) Transitional Board has appointed David Berry as its inaugural CEO as it prepares to start operations next year.   

Mr Berry, who currently serves as CEO of financial charity organisation Way Forward Debt Solutions, holds over 15 years of financial services experience, including roles at National Australia Bank, where he was its Broker Operations GM and ANZ.  

The board praised Mr Berry’s “unique set of skills” and experience to balance industry and consumer perspectives.   

“He has driven large-scale organisational, technological and process transformations in the financial services industry,” the CSLR’s Transitional Board said.  

“He is also an advocate of positive change for the community, in particular protection of those most vulnerable to financial harm or disadvantage.” 

The board also announced Delia Rickard will join as a non-executive Director from the start of the new year, replacing Andrew Fairley.    

Ms Rickard has previously held senior roles at the Australian Competition and Consumer Commission and the Australian Securities and Investments Commission. She is a current member of the AFCA Board and its Audit & Risk Committee.   

In June, the Federal Government passed legislation to develop the CSLR as a “last resort” for consumers who are owed compensation following Australian Financial Complaints Authority (AFCA) determinations but have yet to be compensated by financial sub-sectors. The scheme primarily pays for businesses that are bankrupt or insolvent.  

Complainants are eligible for the scheme if they fall within one of the four eligibility requirements relating to personal financial advice, securities dealing with financial clients, the provision of credit or the arrangement of credit.   

The CSLR, which becomes operational next April, will facilitate payments of up to $150,000 for consumers who meet the requirements.