Surety Bond Scheme

Cancellation of the Surety Bond Scheme

The NSW Civil & Administrative Tribunal (NCAT) recently held that NSW Trustee & Guardian could not require a private manager to purchase a Surety Bond without NCAT or the Supreme Court requiring the manager to give security. We have decided not to appeal against this decision and therefore we will be ending the Surety Bond Scheme that has been in operation. 

NSW Trustee & Guardian would like to apologise for any inconvenience and stress caused by the introduction of the Surety Bond Scheme found by NCAT to be without power. We are currently writing to all affected private managers to inform them of our decision.

The review of the scheme undertaken by KPMG is still continuing and we look forward to the delivery of the report expected in August 2017. The report will not change the decision to cancel the scheme. However, as an organisation we will study the report’s findings and consider implementing any recommended service delivery improvements.

If you have received a surety bond invoice but have not made a payment:
You may disregard the invoice. If you receive any further requests to pay the fee, please contact NSW Trustee & Guardian.

If you have received a surety bond invoice and have made a payment:

NSW Trustee & Guardian will pay an amount equal to the fee paid to Aviva Insurance Limited (plus interest at the rate of 5.33% p.a. calculated from the date of the decision that a surety bond applied to the estate). 
We expect to process these payments by the end of August 2017. 

If you have received a request from NSW Trustee & Guardian to complete any forms for a surety bond, please disregard these.

Further information
If you have any questions about the Surety Bond Scheme, not covered in the information above, email suretybond@tag.nsw.gov.au or call your client service team.