Document ID: chunk:federal_register_of_legislation:C2016A00022:clause:1_16
Version: federal_register_of_legislation:C2016A00022
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 3574–4367

16  Subsections 961J(2) and (3)
Repeal the subsections, substitute:
 (2) 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;
subsection (1) does not apply to the extent that the advice relates to a basic banking product or a general insurance product or a combination of those 2 products.
 (3) Subsection (1) does not apply to the extent that the subject matter of the advice sought by the client is a general insurance product.