On 9 May 2025, the Professional Standards Council of New South Wales, acting in conjunction with the Councils of each other Australian State and Territory, approved an application from CPA Australia (CPA) for a new professional standards scheme.
The scheme will be in force from 21 August 2025 for a period of 5 years, unless extended. This is the seventh scheme approved for CPA in NSW and will operate nationally. (This excludes separate schemes previously approved concurrently in other states and territories to give national effect to the scheme before the introduction of mutual recognition provisions.)
In approving the scheme, the Councils had regard to the matters set out in section 10 of the Professional Standards Act 1994 (NSW), including:
- all comments and submissions provided to the Councils in response to public notification of the scheme
- the position of persons who may be affected by limiting the occupational liability of members of CPA
- the nature and level of claims relating to occupational liability made against members of CPA
- the risk management strategies of CPA, and the means by which those strategies are intended to be implemented
- the cost and availability of insurance against occupational liability for members of the CPA, and
- the standards determined by CPA in respect of insurance policies for members.
The Councils consider that it remains appropriate for participants in the CPA scheme, and the clients they serve, to receive the benefits of a professional standards scheme. These include improving professional standards and placing downward pressure on insurance costs, through effective risk management, continuing professional development, and complaints and disciplinary systems.