Note: 
The Institute has been made aware that members who renew their PI policy in June have received an undated letter which referred to an enclosed questionnaire that was not enclosed. The Institute apologises for these errors, and arrangements have been made to send the communication with correct enclosures as soon as possible. 
 
Reporting  
In March 2009, the Institute, with the co-operation of members, lodged its first national risk management report (read the public version of the PSC report) with the Professional Standards Council (PSC). This report details the value of the liability schemes and PI insurance, for professionals and consumers.  
 
The report was well received by the PSC and confirmed that members are complying with the conditions of the schemes. We are very grateful to the thousands of members whose contributions made the report possible.  
 
To meet our annual reporting obligations to the PSC, based on your latest PI information, our strategy is to coincide our requests to members with the month of their PI renewal. 
 
Confidentiality is assured 
We appreciate that this information is sensitive. Please be assured that responses are treated as confidential and protected by privacy law. Information reported to the regulator is aggregated data, and the Institute only retains members’ PI renewal month so we can prompt members at their next renewal. 
 
Why is this important?  
The scheme regulators and government will continue to review and assess whether the liability capping schemes are effective – and should be continued. Specifically, they will need to know that members of the Institute are:

• Achieving and maintaining appropriate levels of professional qualifications and experience 
  
• Adhering to a prescribed code of ethics  
  
• Maintaining professional indemnity insurance to meet claims made against them to a prescribed limit.

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