Professional Standards Schemes are designed to ensure ongoing access to PI insurance by an occupational group. Insurance markets are cyclical and there have been times when insurers have actively reduced their exposure to a sector by declining new policies or raising premiums.
A scheme puts a cap on liability, reflecting the actual history of claims. This allows consumers to continue to pursue claims at historic levels, whilst giving insurers greater predictability. Liability caps give insurers the confidence to remain in a particular market without risk of random runaway claims, and a buffer to adjust to any sudden change in risk profile of a professional activity.
Limiting participant liability therefore helps consumers by ensuring that the occupational group in question remain insured, and a PI safety net can always be relied on.
PI insurance access has not been an issue in the ICT sector to date, and there has been no active history of consumer claims for professional negligence against ICT practitioners. The ACS scheme nevertheless provides a plan for the future, and a foundation for the broader ongoing professionalisation of the ICT sector.