‘The Government is pleased to announce that both the Law Society of New South Wales and the Investigative and Remedial Engineers of Australia Professional Standards Schemes have been recognised under Commonwealth legislation,’ the Minister for Revenue and Assistant Treasurer, Peter Dutton, said today.
Both the schemes require their members to provide their professional services in the context of ongoing education and training, formal complaint procedures and appropriate risk management protocols.
In return, the members of the respective schemes have their occupational liability limited under the relevant state and Commonwealth legislation. Capped liability ensures that businesses and the wider community can obtain affordable professional indemnity insurance. Additionally, consumers can be more confident that they will be able to recover damages in the event of a claim because scheme members are required to hold appropriate levels of insurance.
‘The overarching aim of Professional Standards Schemes and liability caps is to maintain affordable levels of professional indemnity insurance, as well as improve professional standards and consumer protection,’ Mr Dutton said.
‘I commend both the Law Society of New South Wales and Investigative and Remedial Engineers of Australia on their commitment to professional excellence and their desire to improve their professional standards for the benefit of their clients.’