Document ID: chunk:federal_register_of_legislation:C2013C00529:clause:1_963c
Version: federal_register_of_legislation:C2013C00529
Segment Type: clause
Provision Reference: sch 1 cl 963C
Character Range: 27237–28985

963C  Non‑monetary benefit given in certain circumstances not conflicted remuneration
  Despite section 963A, a non‑monetary benefit given to a financial services licensee, or a representative of a financial services licensee, who provides financial product advice to persons as retail clients is not conflicted remuneration in the circumstances set out in any of the following paragraphs:
 (a) the benefit is given to the licensee or representative solely in relation to a general insurance product;
 (b) each of the following is satisfied:
 (i) the benefit is of less than an amount prescribed;
 (ii) identical or similar benefits are not given on a frequent or regular basis;
 (c) the benefit satisfies each of the following:
 (i) the benefit has a genuine education or training purpose;
 (ii) the benefit is relevant to the provision of financial product advice to persons as retail clients;
 (iii) the benefit complies with regulations made for the purposes of this subparagraph;
 (d) the benefit satisfies each of the following:
 (i) the benefit is the provision of information technology software or support;
 (ii) the benefit is related to the provision of financial product advice to persons as retail clients in relation to the financial products issued or sold by the benefit provider;
 (iii) the benefit complies with regulations made for the purposes of this subparagraph;
 (e) the benefit is given to the licensee or representative by a retail client in relation to:
 (i) the issue or sale of a financial product by the licensee or representative to the client; or
 (ii) financial product advice given by the licensee or representative to the client;
 (f) the benefit is a prescribed benefit or is given in prescribed circumstances.