CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 4 - NGF Compensation regime  

Subdivision B - Claims for and payment of compensation  

SECTION 888C   AMOUNT OF COMPENSATION PAYABLE  

888C(1)   [ Regulations]  

The amount of compensation (including the value of any non-monetary compensation) to which a person is entitled in respect of a claim that is allowed is to be as determined in accordance with the regulations.

888C(2)   [ Application of regulations]  

Without limiting subsection (1), the regulations may do all or any of the following:


(a) provide for the amount of compensation to be determined by agreement with the claimant, or by arbitration if agreement cannot be reached; and


(b) provide for the payment of interest on the amount of the claimant's loss; and


(c) provide for the amount of compensation to be reduced by reference to a right of set-off available to the claimant or by reference to the extent to which the claimant was responsible for causing the loss; and


(d) impose an upper limit on the amount of compensation to which a person is entitled in respect of a claim in particular circumstances, or an upper limit on the total amount of compensation to which persons are entitled in respect of claims referable to a particular event or circumstance.

888C(3)   [ Upper limit]  

An upper limit referred to in paragraph (2)(d) may be specified in the regulations or determined by a method specified in the regulations.

888C(4)   [ Costs and disbursements]  

The regulations may also provide for a claimant to be paid an amount in respect of the claimant's reasonable costs of, and disbursements incidental to, the making and proof of the claim (whether or not the claim is allowed in whole or in part).

888C(5)   [ Costs and disbursements]  

The regulations may also provide for a claimant to be paid an amount in respect of the claimant's reasonable costs of, and disbursements incidental to, attempting to recover the loss (whether or not the claim is allowed in whole or in part).


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