CDDA Scheme - Access for Victims of ASIC defective administration

Question

1. Why is the CDDA Scheme (the Scheme for Compensation for Detriment caused by Defective Administration) not available where ASIC has been defective in their administration? 2. Is there any policy justification for this? 3. Has Treasury provided advice to the Treasurer, Assistant Treasurer, or his office on this issue? On which date? 4. Has Treasury in the past 4 years asked for internal or external legal advice regarding section 12(3) of the ASIC Act? 5. Is Treasury aware of any other regulators that are effectively immune from claims under the CDDA? If not, why has Treasury not provided any advice to the Treasurer or assistant Treasurer to amend this anomaly?

Answer

See attached response.

Documents

• Question with answer (PDF) (opens in a new tab)
• SQ26-000302 CDDA Scheme - Access for Victims of ASIC defective administration.pdf (opens in a new tab)