Surety Bond Review Released

The independent review commissioned into NSW Trustee & Guardian’s introduction of the Surety Bond Scheme has now been released. NSW Trustee & Guardian Chief Executive Officer, Adam Dent, has provided a response to the review. Both documents are available to download below.

In June 2017 the NSW Civil & Administrative Tribunal held that the general requirement by NSW Trustee & Guardian for a private manager to purchase a Surety Bond was invalid. NSW Trustee & Guardian did not appeal this decision and ended the operation of the Surety Bond Scheme in July 2017. All money paid by private managers to the Scheme was repaid, including any interest.

The independent review of the Scheme was carried out by KPMG. The findings of the review do not change the decision to cancel the Scheme.

Further information