National Competition Policy Review of the Professional Standards Act 1994


Appendix A - Schemes currently in force under the Professional Standards Act

Scheme Name	Cap and Minimum Cover	All Members or Class?	Exemptions Granted?
Accountants Scheme	Cap: $50m Minimum cover: $0.5m. For engagements with fees above $50,000, the applicable amount is 10 times the fee.	Class	No
Solicitors Scheme	Cap: $50m Minimum cover: $1.5m. Applicable amount calculated based on firm size at $0.5m per partner up to $10m, or a higher amount if pre-selected.	Class	Yes*
Investigative and Remedial Engineers Scheme	Cap: $3m. A cap of $1m applies for a specified kind of work. Minimum cover: $0.5m. Minimum amount applies unless a higher amount pre-selected.	Class	No
Professional Surveyors Scheme	Cap: $1m Minimum cover: $0.5m. Applicable amount based on pre-selected figure.	All	No

* Clause 2.4 of the Solicitors Scheme provides that a person may, on application by the person, be exempted from the Scheme by the Law Society Council.

Text only version of TABLE:

1. Scheme Name
Accountants Scheme
Cap and Minimum Cover
Cap: $50m
Minimum cover: $0.5m. For engagements with fees above $50,000, the applicable amount is 10 times the fee.
All Members or Class?
Class
Exemptions Granted?
No

2. Scheme Name
Solicitors Scheme
Cap and Minimum Cover
Cap: $50m
Minimum cover: $1.5m. Applicable amount calculated based on firm size at $0.5m per partner up to $10m, or a higher amount if pre-selected.
All Members or Class?
Class
Exemptions Granted?
Yes*

3. Scheme Name
Investigative and Remedial Engineers Scheme
Cap and Minimum Cover
Cap: $50m
Minimum cover: $1.5m. Applicable amount calculated based on firm size at $0.5m per partner up to $10m, or a higher amount if pre-selected.
All Members or Class?
Class
Exemptions Granted?
No

4. Scheme Name
Professional Surveyors Scheme
Cap and Minimum Cover
Cap: $1m
Minimum cover: $0.5m. Applicable amount based on pre-selected figure.
All Members or Class?
All
Exemptions Granted?
No