business.gov.au

Approval of a Fidelity Fund Scheme - Australian Capital Territory

Description

You will need 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 need this insurance / protection for:

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

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
  • provide information regarding how you will comply with any relevant prudential standards.

Duration

6 years after completion of project

Fees

Fees Details for this service in table format.

Task Type Business Structure Description
Apply Application All

Please contact the agency for more information.

Forms

Act(s) name

Building Act 2004 Australian Capital Territory

Administering agency

Environment, Planning and Sustainable Development Directorate

Planning

Contact details

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