Compliance with S48.

Adequate Compensation

RG 210.1 – RG210.6

The obligation bearing the responsibility for the credit licence – “CL 395153 – (utilizing Operating Fiscal Strategy Pty Ltd) is the act requires that – there must be an adequate funded amount on allocation that would sufficiently cover the case(s) of compensation, should that compensation be successfully prosecuted with the licencee – (CL 395153) either by dealing directly with the licencee (CL 395153) or by other legal order of a properly constituted body.

The primary compliance by CL 395153 is the cover of a Professional Indemnity (P.I) insurance policy, current at the time of entering into any loan arrangement.

No exemption has been sought under National Credit Regulation 12.

The industry body M.F.A.A. insurance cover has been taken as a guide.

CL 395153 has taken into consideration the current extent of NCCP credit activity, the nature of the business, and the likelihood of claims being made against the licence.

The licence holds membership of appropriate EDR scheme.

The current P.I. Insurance cover is:

INSURER:                                C.G.U. Insurance Limited

A.B.N. 27 004 478 371

POLICY No:           MIS 916411 – M105231

 

COVER:                  $ 2,000,000 any one (1) claim. See RG 210.12 (a).

$ 6,000,000 aggregate of claims.

Public Liability                       $20,000,000

Product Liability                    $20,000,000

Advertising Liability              $20,000,000

Property under physical      $     100,000

Or legal control

Run Off cover is included.