Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p33
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 33/43)
Character Range: 784864–787653

to, or for the benefit of, the financial counselling agency, its representatives or its associates in relation to any action by or on behalf of the client arising from the financial counselling service (including the advice);
 (v) the financial counselling agency does not carry on or otherwise participate in a financial services business involving the provision of a financial service, other than a financial service of the kind to which this paragraph applies or a claims handling and settling service;
 (vi) the financial counselling agency takes all reasonable steps to ensure that none of its representatives provides or participates in the provision of a financial service, other than a financial service of the kind to which this paragraph applies or a claims handling and settling service;
 (vii) the financial counselling agency takes all reasonable steps to ensure that each person who provides the financial counselling service (including the advice) on its behalf is a member of, or is eligible to be a member of, a financial counselling association;
 (viii) the financial counselling agency takes all reasonable steps to ensure that each person who provides the financial counselling service (including the advice) on its behalf has undertaken appropriate training to ensure that they have adequate skills and knowledge to satisfactorily provide that service (including that advice).
 (2) If paragraph (1)(c) or (ca) applies, and the net assets of the regulated superannuation fund do not equal or exceed $10 million at the end of the 3 month period mentioned in subparagraph (1)(c)(ii):
 (a) the trustee of the pooled superannuation trust must offer to redeem the investment of the regulated superannuation fund as soon as practicable after the end of the period; and
 (b) the regulated superannuation fund has not accepted the redemption offer within 3 months after the offer was made; and
 (c) the net assets of the regulated superannuation fund do not equal or exceed $10 million by the end of the 3 month period mentioned in paragraph (b);
the trustee of the pooled superannuation trust must apply for an Australian financial services licence.
 (3) Subregulation (1) is not intended to affect the determination of whether the provision of a service that is not described by that paragraph is, or is not, the provision of a financial service.
 (4) In relation to a regulated principal under Division 1 of Part 10.2 of the Act:
 (a) a reference in paragraph (1)(e) or (ea) to a financial services licensee includes the regulated principal; and
 (b) paragraph (a) ceases to apply at the end of the transition period in relation to the regulated principal.
 (5) For paragraphs (1)(b), (ba), (c) and (ca), if a pooled superannuation trust is used for investment of the assets