Document ID: chunk:federal_register_of_legislation:C2021A00019:clause:1_962v
Version: federal_register_of_legislation:C2021A00019
Segment Type: clause
Provision Reference: sch 1 cl 962V
Character Range: 16421–17519

962V  When consent ceases to have effect
 (1) A consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect:
 (a) unless paragraph (b) or (c) applies—at the end of the period of 150 days after the anniversary day for the ongoing fee arrangement; or
 (b) if the ongoing fee arrangement is terminated—at the time the ongoing fee arrangement terminates; or
 (c) if a new consent is given in relation to the ongoing fee arrangement for the purposes of this Subdivision—at the time that new consent is given.
 (2) If:
 (a) a consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect under subsection (1); and
 (b) a fee recipient gave a copy of the consent to an account provider under paragraph 962S(3)(c);
the fee recipient must give written notice of the cessation to the account provider within 10 business days of the cessation.
 (3) A person contravenes this subsection if the person contravenes subsection (2).
Note: This subsection is a civil penalty provision (see section 1317E).