Document ID: chunk:federal_register_of_legislation:C2024A00067:clause:1_1708b
Version: federal_register_of_legislation:C2024A00067
Segment Type: clause
Provision Reference: sch 1 cl 1708B
Character Range: 28493–30234

1708B  Application—existing ongoing fee arrangements
 (1) This section applies in relation to an ongoing fee arrangement that is in force immediately before the start day.
 (2) Subject to this section, the amendments made by the amending Part apply in relation to the ongoing fee arrangement on and after the transition day for the arrangement.

Modified period for giving consent to ongoing fee arrangements
 (3) Section 962F applies in relation to the ongoing fee arrangement as if paragraph (1)(a) of that section instead required the client to have given a written consent that meets the requirements in section 962G in relation to the arrangement in the period that:
 (a) starts at the later of:
 (i) the start day; and
 (ii) 60 days before the transition day for the arrangement; and
 (b) ends 150 days after the transition day for the arrangement.

Changes relating to deductions of fees from accounts apply from 150 days after transition day
 (4) The repeal of section 962FA and the amendments of Subdivision C of Division 3 of Part 7.7A made by the amending Part apply in relation to the ongoing fee arrangement on and after the period of 150 days after the transition day for the arrangement.

Form requirements
 (5) The amendments of Subdivision D of Division 3 of Part 7.7A made by the amending Part apply in relation to consents being given for the purposes of that Division as amended by the amending Part.

Certain contraventions apply from the start day
 (6) The following apply in relation to conduct occurring wholly on or after the start day:
 (a) the repeal of section 962P;
 (b) the repeal of subsections 962U(3) and 962V(3);
 (c) the insertion of section 962Z.

Part 3—Financial Services Guides

Corporations Act 2001