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

Mr Berry, who currently serves as CEO of financial charity organisation Way Forward Debt Solutions, will begin his role on Monday.

He holds more than 15 years of financial services experience, including roles at National Australia Bank, where he was its Broker Operations GM, ANZ, and consulting positions at several other firms.

“David will bring a unique set of skills and experience to this role, which balances both industry and consumer perspectives,” the CSLR’s Transitional Board said.

“He has driven large-scale organisational, technological and process transformations in the financial services industry. He is also an advocate of positive change for the community, in particular protection of those most vulnerable to financial harm or disadvantage.”

In June, the Federal Government passed legislation to develop the CSLR to pay consumers who have yet to be compensated from financial sub-sectors following Australian Financial Complaints Authority (AFCA) determinations. 

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 eligible requirements for its compensation scheme.

The transitional 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.

“The Board is confident that both Mr Berry and Ms Rickard bring a significant level of skill and expertise to CSLR,” the board said.

“Their contribution will ensure the delivery of a valued compensation service which raises confidence in the external dispute resolution framework and, more broadly, the financial services industry.”