News Flash: FIC Legislation Introduced

September 17, 2014
The Courts Legislation Amendment (Funds in Court) Bill 2014 was introduced into the Victorian Parliament on 17 September by the Attorney-General, The Hon. Mr Robert Clark, MP.

Will this legislation adversely impact my funds in Court?

• The proposed legislation will not have an adverse impact on your funds in Court or on the operations of Funds in Court.
• The Court has been consulted throughout the drafting process of the legislation and agrees with its contents and its introduction.

What does the Bill do?

The Bill affirms pre-existing practices and procedures of the Senior Master and Funds in Court:

• The Bill highlights the primary role of the Senior Master and Funds in Court, which is to protect the rights of all beneficiaries, to give all practical and appropriate effect to a beneficiary’s wishes, and to take any steps that are reasonably available to encourage the beneficiary to participate in decisions affecting his or her affairs.

For further information see our FAQ section:  What does the Courts Legislation Amendment (Funds in Court) Bill 2014 do?

Does this mean that it is now law?

No.  Whilst the Bill has been introduced into Parliament it has not yet been passed by both Houses.

FIC will keep beneficiaries and other interested parties informed of the progress of the Bill.