Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p9
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 9/49)
Character Range: 1003723–1006450

962X of the Act.
 (2) A fee recipient must keep the following records in relation to an ongoing fee arrangement the fee recipient has with the client:
 (c) if the client gives any of the following notifications to the fee recipient—the notification and the date on which the notification was given:
 (i) a notification of an election to renew the ongoing fee arrangement;
 (ii) a notification of an election not to renew the ongoing fee arrangement;
 (iii) a notification terminating the ongoing fee arrangement;
 (ca) each consent given by the client to enter into or renew an ongoing fee arrangement for the purposes of section 962G of the Act;
 (cb) the matters disclosed to the client under subsection 962G(2) of the Act;
 (d) if the ongoing fee arrangement has terminated—the date on which the arrangement terminated and the basis on which the arrangement terminated.
 (3) A fee recipient must also keep the following records in relation to an ongoing fee arrangement:
 (a) each consent for deductions relating to the ongoing fee arrangement given to the fee recipient for the purposes of section 962R or 962S of the Act;
 (b) the date on which each such consent was given;
 (ba) the matters set out in section 962T of the Act;
 (c) each notice given to the fee recipient under subsection 962U(1) of the Act withdrawing or varying such consent;
 (d) the date on which each such notice was given;
 (e) each confirmation of receipt of such notice given by the fee recipient under subsection 962U(2) of the Act;
 (f) each of the following communications in relation to the consent referred to in paragraph (a), and the date on which the communication occurred:
 (i) giving a copy of the consent as required under paragraph 962S(3)(c) of the Act;
 (ii) giving a copy of a notice withdrawing or varying the consent as required under paragraph 962U(2)(b) of the Act;
 (iii) giving written notice of the cessation of the consent under subsection 962V(2) of the Act;
 (g) if the fee recipient arranges with another person (the account provider) for deductions relating to the ongoing fee arrangement to be made, as referred to in paragraph 962S(1)(d) of the Act—the details of the arrangement with the account provider.

Division 4—Conflicted remuneration

Subdivision 1—Benefits in relation to life risk insurance products that are conflicted remuneration

7.7A.11A  What this Subdivision is about
  This Subdivision:
 (a) is made for the purposes of section 963AA of the Act; and
 (b) prescribes circumstances, in addition to those set out in section 963A, in which a benefit given to a financial services licensee, or a representative of a financial services licensee, in relation to a life risk insurance product, or life risk