Document ID: chunk:federal_register_of_legislation:F2021C01026:body:0:p2
Version: federal_register_of_legislation:F2021C01026
Segment Type: other
Provision Reference: 
Character Range: 2810–5184

of representative, insert after subparagraph (a)(iii):
"(iiia) a product distributor of the licensee; or"; and

           (c) after paragraph 911B(1)(a), insert:
"(aa) these conditions are satisfied:
(i) the principal holds an Australian financial services licence covering the provision of the service; and
(ii) the service is dealing in a basic deposit product or risk insurance product; and
(iii) the provider is:
(A) a product distributor of the principal; or
(B) if the service is dealing in a basic deposit product, an employee of a product distributor of the principal;".

Where declaration applies
(2) The declaration applies where all of the following are satisfied:
(a) the distributor is not an authorised representative of the licensee;
(b) the financial service provided by the distributor on behalf of the licensee is dealing in any of the following:
(i) a basic deposit product;
(ii) a general insurance product;
(iii) a bundled consumer credit insurance product;
(c) the licensee has taken reasonable steps to ensure that, when the distributor provides the financial service to another person (the client) as a retail client:
(i) the distributor draws the client's attention to the availability of a dispute resolution system of the licensee that covers complaints by the client in relation to the financial service and how that system may be accessed; and
(ii) if the distributor is dealing in a general insurance product or a bundled consumer credit insurance product, the client is given information in writing about:
(A) who the distributor acts for when providing the financial service; and
(B) any remuneration (including commission) or other benefits that the distributor, or an associate of the distributor, may receive in respect of, or that is attributable to, the provision of the financial service.

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration     Date of commencement  Application, saving or transitional provisions
2015/682           27/7/2015 (see F2015L01184)  28/7/2015
2021/785           1/10/2021 (see F2021L01382)  5/10/2021             -

Endnote 2—Amendment history
ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted
Provision affected   How affected
Section 2            rep. s48D LA
Para 5(1)(a)         am. 2021/785