Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_1022b:p1
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 1022B (pt 1/3)
Character Range: 679093–681901

1022B  Civil action for loss or damage

 (1) This section applies in the following situations:
 (a) a person:
 (i) is required by a provision of this Part to give another person (the client) a Product Disclosure Statement or a Supplementary Product Disclosure Statement (the required disclosure document or statement); and
 (ii) does not give (in accordance with section 1015C) the client anything purporting to be the required disclosure document or statement by the time they are required to do so; or
 (b) a person:
 (i) is required by paragraph 1012G(3)(a) to read another person (the client) a statement (the required disclosure document or statement); and
 (ii) does not read the client anything purporting to be the required disclosure document or statement when they are required to do so; or
 (c) a person:
 (i) gives another person (the client) a disclosure document or statement that is defective in circumstances in which a disclosure document or statement is required by a provision of this Part to be given to the client; or
 (ii) is a regulated person and gives, or makes available to, another person (the client) a disclosure document or statement, being a Product Disclosure Statement or a Supplementary Product Disclosure Statement, that is defective, reckless as to whether the client will or may rely on the information in it; or
 (d) a person:
 (i) gives consent to the inclusion of a statement in a Product Disclosure Statement or a Supplementary Product Disclosure Statement as mentioned in subsection 1021L(1), disregarding paragraph 1021L(1)(c); or
 (ii) does not take reasonable steps to withdraw such a statement as mentioned in subsection 1021L(2), disregarding subparagraphs 1021L(2)(b)(iii) and (iv); or
 (e) a person contravenes section 1017B or 1017D.
In paragraph (c), give means give by any means (including orally), and is not limited to giving in accordance with section 1015C or paragraph 1012G(3)(a).

 (2) In a situation to which this section applies, if a person suffers loss or damage:
 (a) if paragraph (1)(a) applies—because the client was not given the disclosure document or statement that they should have been given; or
 (b) if paragraph (1)(b) applies—because the client was not read the statement that should have been read to them; or
 (c) if paragraph (1)(c) applies—because the disclosure document or statement the client was given was defective; or
 (d) if paragraph (1)(d) applies—because the consent referred to in that paragraph was given, or was not withdrawn, as the case requires; or
 (e) if paragraph (1)(e) applies—because of the contravention referred to in that paragraph;
the person may recover the amount of the loss or damage by action against the, or a, liable person (see subsections (3) to (5)), whether or not that person (or anyone else)