National Redress Scheme - Implications for Financial Counsellors
In response to a recommendation of the Royal Commission into Institutional Responses to Child Sexual Abuse, the Commonwealth Government established a National Redress Scheme (the NRS) for survivors of institutional child sexual abuse.
The purpose of the NRS is to provide justice by way of redress to people sexually abused as children within an institution. Redress will comprise three components:
• a monetary payment
• access to ongoing counselling and a
• direct personal response ( if requested)
Redress payments will range from $ nil to the cap of $150 000, with the median payment expected to be $76 000. As many as 60 000 individuals will be eligible to access the NRS, making it the largest redress scheme of its kind anywhere. The scheme began on 1 July.
The webinar will cover the following information:
• Background to the Royal Commission
• How the Redress Scheme will operate
• The role of Knowmore Legal Service
• Financial implications of the lump sum payment on State and Federal Government entitlements, insurance, taxation, bankruptcy, income
• likely issues facing claimants with existing debts, and how best to address these
• Other financial implications
• Referral pathways