Document ID: chunk:federal_register_of_legislation:C2025C00185:section:912eb:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 912EB (pt 2/2)
Character Range: 3692165–3693754

(6) in respect of conduct is also not liable for any action based on breach of confidence in relation to that conduct.

Compensating the affected client for loss or damage
 (8) If, after the investigation is completed, there are reasonable grounds to believe that:
 (a) the affected client has suffered or will suffer loss or damage as a result of the reportable situation; and
 (b) the affected client has a legally enforceable right to recover the loss or damage from the financial services licensee;
the licensee must take reasonable steps to pay the affected client an amount equal to the loss or damage within 30 days after the investigation is completed.

Civil penalty provision
 (9) A person contravenes this subsection if the person contravenes subsection (1), (5) or (8).
Note: This subsection is a civil penalty provision (see section 1317E).

Nothing affects right of affected client to pursue legally enforceable rights
 (10) Nothing in this section affects any legally enforceable right of the affected client to recover loss or damage that the affected client suffers, or will suffer, as a result of a reportable situation.
 (11) However, a court may take into account the amount paid by the financial services licensee under this section when quantifying the amount of compensation (if any) to be paid by the licensee in relation to that loss or damage.

Meaning of knowledge and recklessness
 (12) For the purposes of this section:
knowledge has the meaning given by section 5.3 of the Criminal Code.
recklessness has the meaning given by section 5.4 of the Criminal Code.