Financial compensation schemes
The Act of Grace mechanism under section 65 of the Public Governance, Performance and Accountability Act 2013 applies to ASIC and is administered by the Department of Finance. The mechanism is a discretionary power to allow payments to be made if the Finance Minister or their delegate considers there are special circumstances and it is appropriate. Further information about the Act of Grace mechanism is available on the Department of Finance’s website.
The Scheme for Compensation for Detriment caused by Defective Administration (CDDA Scheme) permits individuals to apply for compensation from non-corporate Commonwealth entities (NCCEs) in certain circumstances. However, while ASIC is an NCCE, it is unable to consider applications made to it under the CDDA Scheme. This is because only Portfolio Ministers and officials authorised by the Portfolio Minister can decide applications made under the CDDA Scheme. ASIC has not been authorised to decide applications under the CDDA Scheme since September 2015.
The Department of Finance’s website explains the?CDDA Scheme in further detail.