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TPB Draft Information Sheet - Cloud Computing - Professional Indemnity Insurance Update

We have received preliminary advice from our professional Indemnity underwriters that if the TPBs Draft Information Sheet – Cloud Computing proceeds in its current form then it could have adverse outcomes. When a statutory authority like the TPB prescribe a wide interpretation on a professional conduct issue (as has been done in the Draft Information Sheet Cloud Computing and the code of professional conduct) then this could expose gaps in cover in existing policies. This risks BAS agent’s cover and potentially may leave some exposed. In addition to the potentially adverse PI aspects this Draft Information Sheet has a number of other consequences that can really only be described as BAS agent unfriendly. To read more about our views on this Draft Information Sheet see our submission to the TPB . While our position has not been well supported by other associations you can rest assured we will continue to lobby for significant amendment to this document.

14 Jul 2016
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