Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_912a
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 912A
Character Range: 287289–289682

912A  General obligations

 (1) A financial services licensee must:
 (a) do all things necessary to ensure that the financial services covered by the licence are provided efficiently, honestly and fairly; and
 (b) comply with the conditions on the licence; and
 (c) comply with the financial services laws; and
 (ca) take reasonable steps to ensure that its representatives comply with the financial services laws; and
 (d) unless the licensee is a body regulated by APRA—have available adequate resources (including financial, technological and human resources) to provide the financial services covered by the licence and to carry out supervisory arrangements; and
 (e) maintain the competence to provide those financial services; and
 (f) ensure that its representatives are adequately trained, and are competent, to provide those financial services; and
 (g) if those financial services are provided to persons as retail clients—have a dispute resolution system complying with subsection (2); and
 (h) unless the licensee is a body regulated by APRA—have adequate risk management systems; and
 (j) comply with any other obligations that are prescribed by regulations made for the purposes of this paragraph.

 (2) To comply with this subsection, a dispute resolution system must consist of:
 (a) an internal dispute resolution procedure that:
 (i) complies with standards, and requirements, made or approved by ASIC in accordance with regulations made for the purposes of this subparagraph; and
 (ii) covers complaints against the licensee made by retail clients in connection with the provision of all financial services covered by the licence; and
 (b) membership of one or more external dispute resolution schemes that:
 (i) is, or are, approved by ASIC in accordance with regulations made for the purposes of this subparagraph; and
 (ii) covers, or together cover, complaints (other than complaints that may be dealt with by the Superannuation Complaints Tribunal established by section 6 of the Superannuation (Resolution of Complaints) Act 1993) against the licensee made by retail clients in connection with the provision of all financial services covered by the licence.

 (3) Regulations made for the purposes of subparagraph (2)(a)(i) or (2)(b)(i) may also deal with the variation or revocation of:
 (a) standards or requirements made by ASIC; or
 (b) approvals given by ASIC.