Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p33
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 33/39)
Character Range: 1185716–1188522

regulated person has provided information about the cost of the product (if any) to the client; and
 (c) the regulated person has informed the client as to whether or not any amounts will or may be payable by the holder of the product, in respect of the product, after its acquisition; and
 (ca) if the product is a protected account under the Banking Act 1959—the regulated person has informed the client that:
 (i) the account‑holder may be entitled to payment under the financial claims scheme; and
 (ii) payments under the scheme are subject to a limit for each depositor; and
 (iii) information about the financial claims scheme can be obtained from the APRA website at http://www.fcs.gov.au; and
 (d) the regulated person has asked the client whether or not the client would like further information about the amounts mentioned in paragraph (c); and
 (e) if the client indicates that the client would like the further information about the amounts mentioned in paragraph (c)—the regulated person has provided that information.'.

7.9.07FB  Product Disclosure Statement not required if client not in this jurisdiction
  For paragraph 1020G(1)(c) of the Act, section 1012D of the Act is modified by inserting after subsection 1012D(8):
 "(8A) In a recommendation situation, an issue situation or a sale situation, the regulated person does not have to give the client a Product Disclosure Statement for the financial product if the client is not in this jurisdiction."

7.9.07FC  Product Disclosure Statement not required general insurance situation
  For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act is modified by adding after section 1014E of the Act the following section:
"1014EA  General insurance product situation in which only a Supplementary Product Disclosure Statement need be given
 (1) This section applies if:
 (a) a person (the client) acquires a general insurance product (the original product) from another person (the regulated person); and
 (b) the client received a Product Disclosure Statement (the original PDS) relating to the product as required by the Act; and
 (c) the contract of insurance provides a renewable insurance cover (within the meaning of subsection 58(1) of the Insurance Contracts Act 1984); and
 (d) the regulated person offers to renew the client's contract of insurance (the new product); and
 (e) the regulated person is required to give the client a Product Disclosure Statement (the new PDS) relating to the new product; and
 (f) the original PDS contains some but not all of the information that the new PDS is required to contain.
 (2) The regulated person may give the client a new PDS.
 (3) If the regulated person does not give the client a new PDS, the regulated person must give the client a Supplementary Product Disclosure Statement that