“The Government is committed to supporting access to affordable professional indemnity cover so that the public can continue to access the services they need” the Minister for Revenue and Assistant Treasurer, Peter Dutton, said today.
“One way this can be achieved is for professional groups to demonstrate a genuine commitment to consumer protection, professional development, risk management and complaints handling.
“The Professional Standards Council, which is supported by the Australian Government and all the States and Territories, provides a mechanism whereby evidence of this commitment can result in eligible professionals being protected by a cap on civil liability.
“This in turn, helps keep professional indemnity cover affordable for professionals who have been shown to be pro-active in managing risk” Mr Dutton said.
As a result of their efforts to uphold the standards set by the Council, the New South Wales Bar Association has become the first professional body to be prescribed under Commonwealth regulations.
Prescription under the Australian Securities and Investments Commission Regulations 2001, Corporations Regulations 2001, and Trade Practices Regulations 1974 ensures that Commonwealth legislation cannot be used as an alternative source of legal action for uncapped damages.
This scheme will help ensure professional indemnity cover for Barristers remains affordable and that the business community and general public can continue to access their services.
“I welcome applications for prescription at the Commonwealth level by other professional groups that have worked with the Professional Standards Council to develop strong risk management practices that focus on the best outcomes for their customers” Mr Dutton said.