Show download pdf controls
  • Complying with the guidelines

    What happens if you fail to comply with the guidelines?

    Failure to comply with the guidelines means:

    • the trustee and directors of trustees may incur administrative penalties
    • the public AF will no longer be entitled to endorsement.

    The guidelines also set out the amount of an administrative penalty, or how to work out the amount of an administrative penalty.

    Trustees and directors of trustees of public AFs are jointly and severally liable to any administrative penalty associated with the guidelines, and the penalty cannot be paid or reimbursed from the trust fund.

    Directors of trustees that are licensed trustee companies and directors, and statutory office holders of Public Trustees are not personally liable for these penalties.

    How do you revoke an agreement to comply with the guidelines?

    A trustee may revoke an agreement to comply with the rules in the guidelines by giving the revocation to us in the approved form.

    Next steps:

      Last modified: 12 Oct 2016QC 25252