Professional Standards Scheme
The Professional Standards Council has approved a new Professional Standards Scheme for the New South Wales Bar Association. The new scheme was published in the New South Wales Government Gazette on Friday, 25 June 2010, and will take effect on 1 July 2010. The new scheme will replace the Bar Association's previous Professional Standards Scheme, the operation of which which had been extended until 30 June 2010. Members should note that the scheme limits liability for damages to $1.5 million provided the member has professional indemnity insurance which is not less than $1.5 million. The minimum level of cover approved by the attorney general for PII policies for 2010-11 is $1.5 million.
An article will be published in In Brief in the near future reminding members of their disclosure responsibilities and other obligations under the new scheme. 28 June 2010