Approval of a Fidelity Fund Scheme - Australian Capital Territory

Description

You will require this approval if you intend to operate an approved fidelity fund scheme. Approved fidelity fund schemes issue fidelity certificates to builders. A fidelity certificate is an alternative form of insurance that builders can apply for instead of obtaining a residential work insurance (also known as housing indemnity insurance). Builders require this insurance / protection for:

  • Construction of certain kinds of residence; and
  • Certain alterations or additions to certain kinds of existing residence where the work is valued at over $12 000.

Fidelity insurance provides cover of up to $85 000 for incomplete or defective work in circumstances where the builder becomes insolvent, disappears or dies.

Please use the contact details below to find out 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 this approval you must:

  • Create a trust and appoint a trustee deemed suitable for the position by the Agency;
  • Detail the financial management of the scheme;
  • Establish the scope of building work for which a fidelity certificate may be issued under the scheme;
  • Create eligibility criteria for an application to be approved;
  • Determine the process for application of claims under the scheme; and
  • Provide information regarding how you will comply with any relevant prudential standards.

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

Fees

Fees Details for this service in table format.

Task Type Business Structure Description
Apply Application All

Please consult the Contact Officer for information on fees to be submitted.

Forms

Task Business Structure Resources
Apply All Application for Approval of Fidelity Fund Scheme - Please consult the Contact Officer for information on forms to be submitted.

Act(s) name

Building Act 2004 ACT

Administering agency

Environment and Planning Directorate

Planning and Land Authority

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.

Enquiries, Licensing Unit

Planning and Land Authority

Environment and Planning Directorate

Operating address: Ground Floor South, Dame Pattie Menzies House
16 Challis Street
Dickson
Australian Capital Territory 2602
Mailing address: General Post Office Box 158
Canberra, Australian Capital Territory, 2601
Australia
Phone: 02 62071923
Fax: 02 62071925
Email: actpla.customer.services@act.gov.au