Document ID: chunk:federal_register_of_legislation:C2024A00067:clause:1_963a
Version: federal_register_of_legislation:C2024A00067
Segment Type: clause
Provision Reference: sch 1 cl 963A
Character Range: 51347–52366

963A  Meaning of conflicted remuneration—general
 (1) Conflicted remuneration means any benefit, whether monetary or non‑monetary, given to a financial services licensee, or a representative of a financial services licensee, who provides financial product advice to persons as retail clients that:
 (a) because of the nature of the benefit or the circumstances in which it is given:
 (i) could reasonably be expected to influence the choice of financial product recommended by the licensee or representative to retail clients; or
 (ii) could reasonably be expected to influence the financial product advice given to retail clients by the licensee or representative; and
 (b) is not given to the licensee or representative by a person who is a retail client in relation to a financial product or financial service provided by the licensee or representative to the client.
 (2) For the purposes of this Subdivision, a reference to giving a benefit includes a reference to causing or authorising the benefit to be given.