Document ID: chunk:federal_register_of_legislation:C2016A00022:clause:1_12
Version: federal_register_of_legislation:C2016A00022
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 2364–3499

12  Subsections 961B(3) and (4)
Repeal the subsections, substitute:

Advice given by Australian ADIs—best interests duty satisfied if certain steps are taken
 (3) If:
 (a) the provider is:
 (i) an agent or employee of an Australian ADI; or
 (ii) otherwise acting by arrangement with an Australian ADI under the name of the Australian ADI; and
 (b) the subject matter of the advice sought by the client relates only to the following:
 (i) a basic banking product;
 (ii) a general insurance product;
 (iii) consumer credit insurance;
 (iv) a combination of any of those products;
the provider satisfies the duty in subsection (1) in relation to the advice given in relation to the basic banking product and the general insurance product if the provider takes the steps mentioned in paragraphs (2)(a), (b) and (c).

General insurance products—best interests duty satisfied if certain steps are taken
 (4) To the extent that the subject matter of the advice sought by the client is a general insurance product, the provider satisfies the duty in subsection (1) if the provider takes the steps mentioned in paragraphs (2)(a), (b) and (c).