The Australian Institute of Company Directors (AICD) calls for regulatory oversight of third party litigation funding
30th Dec 2015
At the annual general meeting of the Australian Institute of Company Directors (AICD), concerns came to light over the growing number of class actions and the role that third party litigation funding is playing.
Class actions are anticipated to more than double this financial year, and Louise Petschler, the AICD’s general manager of advocacy stated, “The Australian environment is a really strong one at the moment for entrepreneurial litigation funders as we don’t have any licensing regime or any regulatory regime around them”. Petschler voiced that the AICD supports a Productivity Commission recommendation that litigation funders should be licensed, similar to financial service providers.
Read the full article in The Australian here.