Document ID: chunk:federal_register_of_legislation:C2024A00067:clause:1_963bb:p2
Version: federal_register_of_legislation:C2024A00067
Segment Type: clause
Provision Reference: sch 1 cl 963BB (pt 2/2)
Character Range: 57536–59956

to also be a consent to a rate or frequency that is less than that disclosed to the client before that consent was given, as mentioned in subparagraph (1)(c)(ii), (iii) or (iv).

Renewals of general insurance products
 (3) For the purposes of subsection (1), a consent (the original consent) to a monetary benefit given in connection with the issue or sale to a retail client of a general insurance product is taken to also be a consent to a monetary benefit (a renewal benefit) being given in connection with a renewal of that product if:
 (a) the information disclosed to the client before the original consent was given included the fact that the original consent would cover renewals of the general insurance product; and
 (b) the rate of the renewal benefit is equal to or less than that disclosed to the client before the original consent was given, as mentioned in subparagraph (1)(c)(ii).

Transfer of financial product advice business
 (4) For the purposes of subsection (1), a consent to a monetary benefit being given to a financial services licensee (the original recipient) or a representative of a financial services licensee (also the original recipient) is taken to also be a consent to the monetary benefit being given to another person (the new recipient) if:
 (a) the original recipient's financial product advice business is wholly or partly sold or transferred to:
 (i) another financial services licensee; or
 (ii) a representative of another financial services licensee; or
 (iii) another representative of the financial services licensee that is the original recipient; and
 (b) the new recipient is:
 (i) if subparagraph (a)(i) applies—that other licensee; or
 (ii) if subparagraph (a)(ii) applies—that representative of another licensee; or
 (iii) if subparagraph (a)(iii) applies—that other representative of the licensee that is the original recipient.

Variation of consent
 (5) If a client has given a consent for the purposes of subsection (1), the financial services licensee or representative may:
 (a) disclose to the client proposed variations to one or more of the matters mentioned in subparagraphs (1)(c)(i) to (v); and
 (b) request the client to consent to those variations.
 (6) If:
 (a) the client consents to those variations; and
 (b) paragraphs (1)(d) and (e) are satisfied in relation to that variation;
then the consent has effect as varied for the purposes of this section.