Document ID: chunk:federal_register_of_legislation:F2023C00048:body:0:p3
Version: federal_register_of_legislation:F2023C00048
Segment Type: other
Provision Reference: 
Character Range: 5394–8092

clear and prominent statement about the purpose and limitations of the calculator;
              (ii) a clear and prominent explanation of the impact of any significant limitation of the calculator;
              (iii) a clear and prominent statement of the assumptions;
              (iv) where the estimate is of an amount payable at a future time of 2 or more years, a clear and prominent statement setting out the present value of the calculation or estimate; and
              (v) a clear and prominent statement to the effect that the financial calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product and that they should consider obtaining advice from a financial services licensee before making any financial decisions;
           (e)  the financial calculator displays to the user (including because of a step taken by the user) or has printed on it an explanation of why the default assumptions, including any statutory assumption, are reasonable for the purpose of working out the estimate;
           (f)  if the financial calculator is an electronic facility or device— the financial calculator does not prevent the user from readily printing or electronically storing the estimate;
           (g) the person keeps a copy of the financial calculator for 7 years from when it is first made available.
(2)  A statement or explanation required under paragraph (1)(d) or (e) must contain as much detail as a retail client using the financial calculator would reasonably expect to find having regard to the nature of the calculator.

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration      Date of commencement  Application, saving or transitional provisions
2016/207           30/3/2016 (see F2016L00438)   31/3/2016
2016/1090          7/12/2016 (see F2016L01883)   8/12/2016             -
2018/40            13/3/2018 (see F2018L00241)   14/3/2018             -
2019/514           4/6/2019 (see F2019L00724)    5/6/2019              -
2022/604           30/06/2022 (see F2022L00894)  1/07/2022             -
                                                 1/01/2023 (Sch 2)

Endnote 2—Amendment history
ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted
Provision affected        How affected
Section 2                 rep. s48D LA
Section 4                 am. 2016/1090; 2019/514 and 2022/604
Section 5                 am. 2022/604
Subparagraph 6(1)(d)(iv)  rs. 2019/514; rs. 2022/604
Section 7                 rs.  2016/1090 and 2018/40
                          am. 2019/514
                          rep. 2022/604