Document ID: chunk:federal_register_of_legislation:C2013C00529:clause:1_963d
Version: federal_register_of_legislation:C2013C00529
Segment Type: clause
Provision Reference: sch 1 cl 963D
Character Range: 28985–29909

963D  Benefits for recommending basic banking products not conflicted remuneration
  Despite section 963A, a monetary or non‑monetary benefit given to a financial services licensee, or a representative of a financial services licensee, is not conflicted remuneration if:
 (a) the benefit is remuneration for work carried out, or to be carried out, by the licensee or representative as an agent or an employee of an Australian ADI, or in otherwise acting by arrangement with an Australian ADI under the name of the Australian ADI; and
 (b) access to the benefit, or the amount of the benefit, is solely dependent on the licensee or representative recommending a basic banking product; and
 (c) the licensee or representative does not, in the course of recommending that basic banking product, give other financial product advice that does not relate to a basic banking product.

Subdivision C—Ban on conflicted remuneration