The Federal Government’s inquiries into unauthorised foreign insurers and discretionary mutual funds has forced the Australian Securities and Investments Commission (ASIC) to grant temporary relief from the Financial Services Reform Act to law associations around Australia. The relief is in relation to their professional indemnity schemes, fidelity funds, statutory deposit accounts and public purpose funds.

Pamela McAlister, ASIC’s Director FSR, Legal and Technical Operations, says the regulator has produced two new class orders to give relief to the law societies of Queensland, the ACT and Tasmania.

“This relief was granted pending the outcome of the review of discretionary mutual funds and direct offshore foreign insurers, and to permit ongoing consultation by the Federal Government and ASIC.”

The relief – which was also previously granted to the law societies in NSW, SA, WA, and NT – applies until July 1 1005.