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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION    View history reference

Division 4 - Conflicted remuneration    View history reference

Subdivision B - What is conflicted remuneration?    View history reference

SECTION 963A  

963A  CONFLICTED REMUNERATION  

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Conflicted remuneration means any benefit, whether monetary or non-monetary, given to a financial services licensee, or a representative of a financial services licensee, who provides financial product advice to persons as retail clients that, because of the nature of the benefit or the circumstances in which it is given:


(a) could reasonably be expected to influence the choice of financial product recommended by the licensee or representative to retail clients; or


(b) could reasonably be expected to influence the financial product advice given to retail clients by the licensee or representative.

Note: A reference in this Subdivision (including sections 963A, 963B, 963C and 963D) to giving a benefit includes a reference to causing or authorising it to be given (see section 52).

[CCH Note: S 963A (Note) will be amended by No 6 of 2017, s 3, Sch 1[5], by inserting "963AA," after "963A," (effective 1 January 2018).]

[CCH Note: S 963AA will be inserted by No 6 of 2017, s 3, Sch 1[6] (effective 1 January 2018). S 963AA will read:

SECTION 963AA BENEFITS GIVEN IN RELATION TO LIFE RISK INSURANCE PRODUCTS  
963AA The regulations may prescribe circumstances, in addition to those set out in section 963A, in which a benefit given to a financial services licensee, or a representative of a financial services licensee, in relation to a life risk insurance product, or life risk insurance products, is conflicted remuneration.

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