Document ID: chunk:federal_register_of_legislation:F2024L00996:schedule:5:p3
Version: federal_register_of_legislation:F2024L00996
Segment Type: schedule
Provision Reference: sch 5 (pt 3/3)
Character Range: 57000–59064

request, a word or an expression that is defined in section 4 of the Protocol has the same meaning in this request.
Additional definitions
In this request:
client remedial action includes:

     (a) corrective disclosure being given to a client; and

     (b) compensation being given to a client either as a financial payment or other non-financial remedy.
complaint means a "complaint" as defined in Australian / New Zealand Standard AS/NZS 10002:2014 Guidelines for complaint management in organizations published jointly by, or on behalf of, Standards Australia and Standards New Zealand, as in force or existing on 29 October 2014.
compliance audit, in relation to an individual, means an audit or review by or on behalf of a financial services licensee or credit licensee of the individual's compliance with financial services laws, credit legislation and licensee policies and procedures.

individual remedial action includes:

     (a) additional training of an individual;

     (b) increased monitoring and supervision of an individual;

     (c) consequence management for an individual (including performance management, financial consequence or formal warnings); and

     (d) suspension of the authorisation of an individual.

remedial action includes client remedial action or individual remedial action.
unprofessional conduct of an individual includes the following kinds of conduct of the individual:
     (a) conduct which amounts to impropriety affecting professional character and which is indicative of a failure either to understand or to practise the precepts of honesty or fair dealing in relation to retail clients or the public;
     (b) unsatisfactory professional conduct, where the conduct involves a substantial or consistent failure to reach reasonable standards of competence and diligence; and
     (c) conduct which is, or could reasonably be considered as likely to be, prejudicial to the interests of a financial services licensee or a credit licensee or retail clients,
and need not involve a contravention of any law.