Document ID: chunk:federal_register_of_legislation:C2012A00067:clause:1_12
Version: federal_register_of_legislation:C2012A00067
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 26262–27229

12  After subsection 1317G(1D)
Insert:

Best interests obligations and remuneration
 (1E) A Court may order a person to pay the Commonwealth a pecuniary penalty if:
 (a) a declaration of contravention by the person has been made under section 1317E; and
 (b) the contravention is of one of the following provisions:
 (i) section 962P (charging ongoing fee after termination of ongoing fee arrangement);
 (ii) section 962S (fee recipient must give fee disclosure statement);
 (iii) section 965 (anti‑avoidance of Part 7.7A provisions).
 (1F) The maximum amount that the Court may order the person to pay for contravening a provision mentioned in subparagraph (1E)(b)(i) or (ii) is:
 (a) $50,000 for an individual; or
 (b) $250,000 for a body corporate.
 (1G) The maximum amount that the Court may order the person to pay for contravening a provision mentioned in subparagraph (1E)(b)(iii) is:
 (a) $200,000 for an individual; or
 (b) $1 million for a body corporate.