Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p59
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 59/60)
Character Range: 972057–974857

previous advice) set out in that Statement; and
 (b) the client's relevant personal circumstances in relation to the further advice (determined having regard to the client's objectives, financial situation and needs as currently known to the providing entity) are not significantly different from the client's relevant personal circumstances in relation to the previous advice; and
 (c) so far as the basis on which advice is given relates to other matters—the basis on which the further advice is given is not significantly different from the basis on which the previous advice was given.
Note: Paragraphs 947B(2)(b) and 947C(2)(b) require a Statement of Advice to include information about the basis on which the advice is or was given, which may include the client's relevant personal circumstances, in which case paragraph (a) of this subsection would be satisfied.
 (2A) This subsection applies if:
 (a) the client had a relationship with the providing entity before:
 (i) if the providing entity is a licensee—the day on which the providing entity obtained its Australian financial services Licence; or
 (ii) if the providing entity is an authorised representative—the day on which the licensee on whose behalf the advice is provided obtained its Australian financial services Licence; and
 (b) the providing entity gave the client advice (the earlier advice) of a kind that if it were given after the day the Australian financial services Licence was obtained would be considered to be personal advice; and
 (c) the client's relevant personal circumstances in relation to the further advice are not significantly different from the client's investment objectives, financial situation and particular needs that were determined for the earlier advice; and
 (d) so far as the basis on which advice is given relates to other matters—the basis on which the further advice is given is not significantly different from the basis on which the earlier advice was given.
 (3) At the same time or as soon as practicable after the further advice is given to the client, the client must be given a statement that contains the information that would, if a Statement of Advice were to be given, be required to be in the Statement by paragraphs 947B(2)(d) and (e), or 947C(2)(e) and (f), as the case requires, and by section 947D, if applicable.
 (3A) The providing entity must keep a record of the further advice and, in doing so, must comply with any applicable requirements of regulations made for the purposes of this subsection.
Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)).
Note 2: For the client's right to a record of the advice, see subsections 942B(8) and 942C(8) (Financial Services Guides) and section 943N (website disclosure information) of the Act.
Note