Document ID: chunk:federal_register_of_legislation:C2024A00067:clause:1_962t
Version: federal_register_of_legislation:C2024A00067
Segment Type: clause
Provision Reference: sch 1 cl 962T
Character Range: 22079–23131

962T  Requirements for consent—deduction of fees from accounts
  The requirements for the consent are:
 (a) before obtaining the consent, the fee recipient disclosed to the account holder, in writing, the matters set out in subsection 962G(2); and
 (b) the consent is given by the account holder for the ongoing fees disclosed under paragraph (a), to be deducted from the account; and
 (c) the consent specifies the name of the account holder and the account number; and
 (d) for each amount to be deducted, the consent specifies:
 (i) the amount to be deducted; or
 (ii) if the amount to be deducted cannot be determined at the time the consent is given, a reasonable estimate of that amount and an explanation of the method used to work out the estimate; and
 (e) the consent is signed by the account holder; and
 (f) the consent is dated; and
 (g) any other requirements prescribed by the regulations.
Note: If the account is held jointly, these paragraphs must be satisfied in relation to each account holder: see subsections 962R(3) and 962S(4).