Mal Brough (Fisher, Liberal Party) Share this | Link to this | Hansard source

I rise on behalf of Caroline Thompson, who is part of a family business in the construction industry, who has found herself in all sorts of trouble and is seeking that Lloyd's of London do the right thing by their company. They had signed a trust deed, which was pivotal to the running of their business, back on 21 March 2009 and, unbeknown to them, this had never been executed by their accountants. The accountants did not do this until August 2012. When it was discovered they realised they had been acting outside the law. The problem is that they have not been able to conduct their business in an appropriate fashion since then.

Whilst the accountants acknowledged their mistake and put this through to their professional indemnity insurance company, we have found that Lloyd's of London have been anything but constructive in helping this company overcome what is a very challenging situation for them. They are at a loss about what to do. They have lost trade since August 2012. They have done everything in their power to meet their requirements under the law and they find that this major international company, the underwriters of the professional indemnity insurance, are not acting in good faith even though their client, Lloyd's of London's client, the accountants, admitted their own mistake—their failing—and, in doing so, enacted their policy. I call on Lloyd's of London to look after this Sunshine Coast business and to act in an appropriate fashion.