Liability limited by a scheme approved under Professional Standards Legislation.
As members of Chartered Accountants in Australia and New Zealand (CA ANZ), Vincents is a participant in a scheme that limits the liability of its members. The CA ANZ scheme came into effect on 8 October 2014 and is designed to limit the maximum liability for damages arising from an occupational liability claim against a member of the firm.
Effectively, the Scheme identifies participating members as being responsible professionals, subject to supervision and control by their professional body and provides that those members will have adequate resources to meet claims made against them to a specified limit.
Members participating in the Scheme are required to disclose that the liability of the member is limited by the Scheme on all documents that promote or advertise the person or person’s occupation, including official correspondence, given to a client or prospective client.
For more information on the scheme, contact the national office of Chartered Accountants in Australia and New Zealand (1300 137 322).
As a member of the CA ANZ, Vincents is committed to:
The scheme will limit the liability for damages arising out of a cause of action for occupational liability (the “Limitation Amount”), which may be awarded against a person to whom the scheme applies as follows:
|Basis for liability caps||Category 1 Services |
|Category 2 Services |
|Category Services |
|Where fee is >$100k but <$300K||$5 million||$5 million||$5 million|
|Where fee is >$300k but <$500k||$10 million||$10 million||$10 million|
|Where fee is >$500k||N/A||$20 million||$20 million|
|Where fee is >$500k but <$1 million||$20 million|
|Where fee is >$1 million but <$2.5 million||$50 million|
|Where fee is >$2.5 million||$75 million|