Surety Bond Scheme

Independent review of the surety bond scheme

The NSW Department of Justice has commissioned KPMG to independently review NSW Trustee & Guardian’s Surety Bond scheme. The review will commence from 16 June 2017, with an anticipated report delivered by the end of August 2017. 

While the review is taking place, surety bond fee invoices will not be issued and no action will be taken to collect any outstanding surety bond fees. Surety bond applications will also be on hold during this time.

This page will be updated with current information about the review.

Surety bond scheme review terms of reference:

1. What findings can be made with respect to the manner in which the Surety Bond was introduced and what, if any, recommendations can be made with respect to NSW Trustee & Guardian future reform processes?

2. What legislative amendment would be required to enable NSWTG to introduce the Surety Bond?

3. What are the quantifiable costs and benefits of the Surety Bond?

4. What:
(a) modifications of, 
(b) alternatives to, or
(c) measures additional to 
the Surety Bond, if any, are available to NSW Trustee & Guardian and to the NSW Government generally that would be consistent with the NSW Government’s commitment to ensuring the welfare and protecting the interests of privately managed persons?

5. What legislative amendments, if any, would be needed to give effect to any of these modifications, alternatives or additional measures?

6. What are the quantifiable costs and benefits of these modifications, alternatives or additional measures?

7. Having regard to the findings for terms of reference 2-6 above and any other matters thought to be relevant, should NSW Trustee & Guardian continue with the Surety Bond in its current form or should it pursue modifications, alternatives or additional measures?

Making submissions to the review
KPMG are now accepting written submissions as part of the review. Due to the volume of submissions, they are unable to accept submissions of more than two pages (font size no less than 10 point).  All substantive issues should be included within those two pages (rather than in appendices).  All submissions need to be received by 12 July 2017.

KPMG will hold two focus groups.  One, face-to-face, in the KPMG Sydney office on Monday 17 July 2017 from 10am until 12.30pm. The second will be held via phone on Tuesday 18 July 2017 commencing at 10am for those unable to attend the face-to-face meeting. If you have expressed an interest in attending a focus group, KPMG will contact you shortly to confirm and understand your participation preference.  We appreciate your patience whilst we finalise logistics.

Written submissions and requests to attend a focus group can be made to:

AU-FMNSWTGFocusGroup@kpmg.com.au