Document ID: chunk:federal_register_of_legislation:C2025A00017:clause:1_424m
Version: federal_register_of_legislation:C2025A00017
Segment Type: clause
Provision Reference: sch 1 cl 424M
Character Range: 114906–116807

424M  Financial and legal advice
 (1) The Commission may, by legislative instrument, make provision for and in relation to the obtaining of financial and legal advice by persons for the purposes of this Act.
 (2) Without limiting subsection (1), the instrument may:
 (a) specify the circumstances in which persons must obtain financial or legal advice (which must be circumstances that relate to an entitlement to compensation or other benefits under this Act); and
 (b) require the advice to be obtained from:
 (i) in the case of financial advice—a suitably qualified financial adviser; and
 (ii) in the case of legal advice—a practising lawyer; and
 (c) provide for consequences to apply if the advice is not obtained.
 (3) Without limiting paragraph (2)(a), and despite any other provision of this Act, the instrument may require financial or legal advice to be obtained in respect of the choice that a person may make under the following:
 (a) Part 2 of Chapter 4 (permanent impairment);
 (b) Part 6 of Chapter 4 (choice to receive a Special Rate Disability Pension);
 (c) Part 2 of Chapter 5 (compensation for member's death for wholly dependent partners);
but must not modify the requirement to obtain financial advice in subsection 202(3).
 (4) If the instrument requires a person to obtain financial or legal advice, the instrument:
 (a) must also make provision for and in relation to the payment of compensation, by the Commonwealth, for costs incurred by the person in obtaining the advice; and
 (b) may specify the maximum amount of compensation payable for such costs; and
 (c) may provide for the indexation of that maximum amount.
 (5) Subsection (4) applies subject to the following provisions (which deal with compensation for the cost of financial and legal advice in certain circumstances):
 (a) sections 81 to 83;
 (b) sections 205 to 207;
 (c) Division 3 of Part 2 of Chapter 5.