245
CurrentRepayment of certain amounts
Chapter 4Business practice and professional conduct
Part 4.5Fidelity cover
Division 5Determination of claims
245 Repayment of certain amounts
(1)
If—
(a)
a claimant receives a payment from the fidelity fund in respect of a claim; and
(b)
the claimant receives or recovers from another source or sources a payment on account of the pecuniary loss; and
(c)
there is a surplus after deducting the amount of the pecuniary loss from the total amount received or recovered by the claimant from both or all sources—
the amount of the surplus is a debt payable by the claimant to the fidelity fund.
(2)
However, the amount payable by the claimant cannot exceed the amount the claimant received from the fidelity fund in respect of the claim.
This Act’s bill:Explanatory memorandumSecond reading speech
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