Institute capping schemes effective under Australian Consumer Law

On 2 June 2011, the Commonwealth approved Regulations extending the prescription period for the Institute's Queensland, Victorian, ACT, NT and SA schemes to the end of their five year lives, bringing them into line with the NSW and WA schemes.  This Regulation also gives effect to all Institute limitation of liability schemes for claims made under section 18 of the Australian Consumer Law.  Formerly, the Institute schemes were prescribed by the Commonwealth for claims under section 52 of the Trade Practices Act 1974. 

In extending the re-prescription of the current Institute schemes for their remaining lives, the Commonwealth acknowledged the rigorous scheme approval process undertaken by the Professional Standards Council and noted that a review of the relevant policy underpinning Professional Standards Legislation is not envisaged in the near future.

Article last updated 8 June 2011