Licensed accountants warned on PI insurance trap
SMSF practitioners operating in the limited licensing regime have been urged to carefully review their PI insurance policy to ensure they are properly covered for any claims made against them through an external dispute resolution scheme. Paradigm Group managing director Patrick Nalty says SMSF accounting firms should be reading their PI insurance document from cover to cover to ensure they are covered for things such as liability claims that are awarded against them by external dispute resolution schemes.