Document ID: chunk:federal_register_of_legislation:C2021A00019:clause:1_16
Version: federal_register_of_legislation:C2021A00019
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 6539–8332

16  After subsection 962H(2)
Insert:

Information relating to the upcoming year
 (2A) The fee disclosure statement must include the following information relating to the upcoming year, subject to subsection (3):
 (a) the amount of each ongoing fee that the client will be required to pay under the arrangement during the upcoming year;
 (b) information about the services that the client will be entitled to receive under the arrangement during the upcoming year;
 (c) if the client will be required to pay under the arrangement an ongoing fee after the end of the upcoming year for a service referred to in paragraph (b)—the amount of any such ongoing fee;
 (d) information about any other prescribed matters.
 (2B) If an amount of an ongoing fee that is required to be included in a fee disclosure statement under subsection (2A) cannot be determined at the time of preparing the statement, the statement must include a reasonable estimate of the amount of the ongoing fee and an explanation of the method used to work out the estimate.

Statements relating to renewal
 (2C) The fee disclosure statement must include:
 (a) a statement that the client may renew the ongoing fee arrangement by giving the current fee recipient notice in writing of the election; and
 (b) a statement that the arrangement will terminate, and no further advice will be provided or fee charged under it, if the client does not elect to renew the arrangement; and
 (c) a statement that the client will be taken to have elected not to renew the arrangement if the client does not give the current fee recipient notice in writing of an election to renew before the end of the renewal period; and
 (d) a statement that the renewal period is a period of 120 days beginning on the anniversary day.

Other requirements