Fidelity Guarantee Fund
The Legal Practitioners' Fidelity Guarantee Fund is administered by Queensland Law Society (QLS) to reimburse people who suffer financial loss arising from an act or omission of one or more associates that involves dishonesty and results in:
- a default of a law practice
- fraudulent dealing with trust property that was received by the law practice
If you believe that you have suffered financial loss as the result of a dishonest default, you should immediately advise Queensland Law Society's Trust Accounts Investigation Team. You will be provided with a claim for compensation form if you wish to make a claim on the fund.
There are specific financial limitations on the payment of claims as well as time limitations in which a potential claimant must notify the Society of a claim. Certain investment transactions are excluded from cover by the Fund.
If you wish to make a claim to the Fidelity Fund in relation to a law practice, you should notify the Society as soon as possible. You might want to consult another law practice to advise you on a potential claim and, if appropriate, to help you prepare it.
The Fidelity Fund does not act as an insurer. The Society may approve a claim to be paid from the fund but may reduce the claim for any benefit the Society believes is likely to be paid to or received by the claimant.
The Fidelity Fund is vested in Queensland Law Society by the Legal Profession Act 2007. The Society does not have any discretion to pay claims which are not covered by the legislation.
Financial Services Reform disclosure notice
Pursuant to ASIC class order relief, the Queensland Law Society and/or persons responsible for these matters are not licensed under the Corporations Act 2001 (Cth) in relation to the operation of the Legal Practitioners Fidelity Guarantee Fund.
The QLS is not regulated under the Insurance Act 1973 (Cth).