Under professional standards legislation, your association and any members that participate in your Professional Standards Scheme are required to disclose limited liability on stationery and business documentation.
The wording you must use is as follows:
Liability limited by a scheme approved under Professional Standards Legislation.
This statement is designed to give consumers clear notice that you operate under an approved Professional Standards Scheme. It must be printed in a size not less than Times New Roman 8-point font.
The statement must appear on all materials that are or could be given to current or prospective clients by your participating members to promote themselves or their occupation. Examples include, but are not limited to:
The statement does not need to appear on:
Failure to use the prescribed disclosure statement as outlined above would place you in breach of the legislation. This means that, if an insurance claim is made against you, your scheme could be challenged in court.
In some states and territories, this could jeopardise your access to limited liability under a Professional Standards Scheme. You could also be subject to fines.
But meeting your legal obligations isn’t the only reason to display the disclosure statement. By advertising your participation in a Professional Standards Scheme, the statement shows your clients you’re committed to meeting high standards of professionalism and consumer protection.
We’ve prepared a factsheet you can send by email or mail to participating members to help you advise them of their statutory obligation regarding disclosure. Download the disclosure factsheet.