Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p32
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 32/60)
Character Range: 902898–905460

retail clients, the providing entity must comply with section 949A of the Act.
 (3) For subsection 941C(8) of the Act, a Financial Services Guide does not have to be given to a client in the following circumstances:
 (a) a person (person 1) makes an inquiry by telephone in relation to the rental of a vehicle from another person (person 2);
 (b) as a result of that inquiry, it becomes apparent to person 2 that a financial service will be, or is likely to be, provided to person 1;
 (c) the financial service is the issue of an insurance product that relates to either or both of:
 (i) the accidental death of, or bodily injury to, a person caused by an accident in connection with the use of the rented vehicle during the rental period; and
 (ii) the loss or destruction of, or damage to, either or both of baggage and personal effects belonging to a person in the rented vehicle caused by an insured event during the rental period;
 (d) person 2 makes arrangements for a document that is the equivalent of a Financial Services Guide to be given to person 1 no later than the start of the use to which the insurance product relates.
Example: The commencement of a journey of the rental vehicle is a use to which the insurance product relates.
 (3A) For subsection 941C(8) of the Act, a Financial Services Guide does not have to be given to a client for a financial service provided in the circumstances specified in paragraph 7.6.01(1)(la).
 (4) For subsection 941C(8) of the Act, a Financial Services Guide does not have to be given to a client in respect of advice that:
 (a) is provided by a providing entity that is:
 (i) a product issuer; or
 (ii) a related body corporate of a product issuer; or
 (iii) a product distributor; or
 (iv) an authorised representative of an entity mentioned in subparagraph (i), (ii) or (iii); and
 (b) is only general advice in relation to a financial product that is, or a class of financial products that includes, a financial product that is:
 (i) issued by the providing entity or a related body corporate of the providing entity; or
 (ii) offered by the providing entity; and
 (c) is not provided during a meeting; and
 (d) is not provided during a telephone call, unless:
 (i) the advice:
 (A) concerns a class of financial products that includes a financial product already held by the client; and
 (B) is provided by the providing entity for that financial product; or
 (ii) there is no issue or sale of any financial product during the telephone call.
Note: The providing entity must meet obligations under the Act