Document ID: chunk:federal_register_of_legislation:C2025C00185:section:963c
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 963C
Character Range: 4049815–4051549

963C  Non‑monetary benefit given in certain circumstances not conflicted remuneration
 (1) 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 carrying on of a financial services business;
 (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;
 (f) the benefit is a prescribed benefit or is given in prescribed circumstances.
 (2) The regulations may prescribe circumstances in which, despite subsection (1), all or part of a benefit is to be treated as conflicted remuneration.
 (3) This section applies despite section 963A and any regulations made for the purposes of section 963AA.

Subdivision C—Ban on conflicted remuneration