Approval of Professional Standards Indemnity Limitation Scheme - New South Wales

Service summary

You will need this approval if you are an occupational association and intend to create a Professional Standards Indemnity Limitation Scheme. An occupational association is an organisation that represents the interests of members of a profession or trade.

You may apply to the Professional Standards Council for approval of a Professional Standards Scheme. A scheme limits the occupational liability of members of an occupational association. Occupational liability is civil liability arising from anything done by a person while performing their job. Approval is only available for schemes that operate within New South Wales and those which operate within New South Wales and another Australian state or territory.

A scheme requires its members to have insurance and business assets which are sufficient to pay damages to anyone harmed by their wrongdoing. It also places a limit on the amount of damages that may be awarded.

Each proposed scheme will be individually assessed by the council and consideration will be given to its broader impact on the particular industry and individuals affected by it.

Please consult the Contact Officer for more information.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

To be eligible for approval of a Professional Standards Indemnity Limitation Scheme, you must:

  • be an occupational association
  • have appropriate risk management strategies
  • ensure there is available insurance for your proposed scheme
  • use the scheme template provided by the council
  • address all the considerations contained in the application guidelines.

Please consult the Contact Officer for more information regarding eligibility requirements.

Ongoing requirements

You must submit an annual report to the Professional Standards Council detailing the following information:

  • any continuing professional development programs that have been undertaken
  • data on complaints and disciplinary hearings
  • details of your long term risk management strategy
  • data on insurance claims made against your members
  • your audit certificates.

Commencement

Your Professional Standards Indemnity Limitation Scheme will begin on a date you have specified if a court does not order a start date.

Duration

You may specify the expiry date of your scheme.

Fees

 TypeAmountDescription
ApplyApplication$5,000.00

Fee per jurisdiction in which scheme will operate.

Licence$50.00

Annual fee per member of scheme.

Other resources

 Resources
Comply Application Guidelines - PDF Opens a PDF in a new browser window

Additional information

The Professional Standards Council offers assistance in forming Professional Standards Indemnity Limitation Schemes.

A scheme may be able to operate across multiple states and territories.

A scheme may not be in force for more than 5 years.

The council may conduct a public hearing on the proposed scheme if they consider it appropriate.

Administering agency

Professional Standards Council

Act(s) name

Professional Standards Act 1994 (New South Wales)

Regulation(s) name

Professional Standards Regulation 2014 (New South Wales)

Contact details

Enquiries Officer
Professional Standards Council


Operating address:
St James Centre
Level 2
111 Elizabeth Street
Sydney, New South Wales 2000
Mailing address:
GPO BOX 4021
Sydney, New South Wales 2001

Phone:

1300 555 772

Phone:

02 8315 0800
pscinfo@psc.gov.au

Supporting information

Disclaimer

The information contained on the Australian Business Licence and Information Service (ABLIS) web site, or via packages or other sources is intended for general guidance only.

To the full extent permitted by law, the Federal, State, Territory and Local Governments make no representations or warranties (expressed or implied) in relation to the information, including its accuracy, currency or completeness.

The business information provided does not constitute professional or legal advice, nor is the use of any third party resource an endorsement of the information contained, the associated organisation, product or service. It is recommended that you obtain appropriate professional and /or independent legal advice to ensure that the material provided here is relevant to your particular circumstances.

To the full extent permitted by law the Federal, State, Territory and Local Governments, their employees and agents do not accept any liability for any reason, including without limitation, liability in negligence, to any person for the general information which is provided herein, or in respect of anything, including the consequences of anything done, or not done, by any such person in whole or partial reliance upon the information.