Claims for reimbursement from the Fidelity Guarantee Account under the Settlement Agents Act 1981 (WA) for defalcation by way of misapplication of trust moneys are limited to the amount of trust moneys misapplied and do not extend to consequential losses such as interest on borrowings. The word 'actual' in s 95(2) reinforces this limitation. The precise standard of causation under s 93(1) ('by reason of') was left open, but interest on borrowings used to fund deposits has no causal connection with a subsequent defalcation.
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