- Advocacy
Joint Submission
Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia, the Institute of Public Accountants (IPA) and the SMSF Association (the Joint Associations) welcome the opportunity to provide this submission to the Treasury Consultation on Enhancing the effectiveness of financial service professional indemnity insurance.
It is fundamental that all Australian Financial Services (AFS) licensees have adequate arrangements for compensating retail clients for losses they may suffer as a result of a breach by the AFS licensee or its representative of their obligations in Chapter 7 of Corporations Act 2001. Effective and responsive professional indemnity insurance (PII) plays a critical role to fulfil this objective for the majority of AFS licensees and is integral to ensuring consumer confidence in the retail financial planning sector.