What is a limited liability scheme?

 

A limited liability scheme is a scheme that has been approved by the Professional Standards Council in accordance with the Professional Standards Act (NSW) for the purpose of protecting the public and placing a cap on a complying member's professional liability.

 

At a federal level the applicable legislation is the Trade Practices Act.

The intention of the legislation is to place a cap on the amount of professional liability for members of participating occupational associations.

 


 
 
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