Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 948A — Qualified privilege if providing entity complies with this Division
The providing entity has qualified privilege in respect of a statement made to the client, whether orally or in writing, in the course of, or in connection with, providing the advice if the providing…
Section 948B — Situation in which this Division applies
This Division applies in relation to the provision of a claims handling and settling service in the following circumstances: (a) the service is offering to settle all or part of a claim under a…
Section 948C — Obligation to give client a Cash Settlement Fact Sheet
(1) The providing entity must give the client a Cash Settlement Fact Sheet in accordance with this Division. (2) A person contravenes this subsection if the person contravenes subsection (1). Note:…
Section 948D — Timing for giving a Cash Settlement Fact Sheet
The Cash Settlement Fact Sheet must be given to the client when the offer to settle all or part of the claim using a cash payment is made.
Section 948E — Title of Cash Settlement Fact Sheet
(1) The title “Cash Settlement Fact Sheet” must be used on the cover of, or at or near the front of, a Cash Settlement Fact Sheet. (2) In any other part of the Cash Settlement Fact Sheet, “Cash…
Section 948F — Content of Cash Settlement Fact Sheet
(1) A Cash Settlement Fact Sheet must contain: (a) a statement outlining the options for settlement legally available to the client under the insurance product; and (b) a statement setting out the…
Section 949A — General advice provided to retail client—obligation to warn client that advice does not take account of client’s objectives, financial situation or needs
(1) This section applies in relation to the provision of general advice if: (a) the advice is provided: (i) by a financial services licensee (the providing entity); or (ii) by an authorised…
Section 949B — Regulations may impose disclosure requirements in certain situations
(1) The regulations may impose disclosure requirements, or additional disclosure requirements, to be complied with in any of the following situations: (a) a financial service related to a risk…
Section 951A — Part cannot be contracted out of
A condition of a contract for the acquisition of a financial product, or for the provision of a financial service, is void if it provides that a party to the contract is: (a) required or bound to…
Section 951B — Exemptions and modifications by ASIC
(1) ASIC may: (a) exempt a person or a class of persons from all or specified provisions of this Part; or (b) exempt a financial product or class of financial products from all or specified…
Section 951C — Exemptions and modifications by regulations
(1) The regulations may: (a) exempt a person or class of persons from all or specified provisions of this Part; or (b) exempt a financial product or a class of financial products from all or…
Section 952A — Overview
This Subdivision contains provisions creating offences by references to various rules contained in preceding Divisions of this Part. However, it does not create all the offences relating to those…
Section 952JA — Offence if a Cash Settlement Fact Sheet does not comply with certain requirements
(1) A financial services licensee, or an authorised representative of a financial services licensee, commits an offence if: (a) the licensee or representative gives (see subsection (3)) a person a…
Section 952B — Meaning of defective and disclosure document or statement
(1) In this Subdivision: defective, in relation to a disclosure document or statement, means: (a) if the disclosure document or statement is a Financial Services Guide, a Supplementary Financial…
Section 952C — Offence of failing to give a disclosure document or statement
Strict liability offence (1) A person (the providing entity) commits an offence if: (a) the providing entity is required by a provision of this Part to give another person a disclosure document or…
Section 952D — Offence of giving a disclosure document or statement knowing it to be defective
(1) A person (the providing entity), being a financial services licensee, commits an offence if: (a) the providing entity: (i) gives (see subsection (3)) another person a disclosure document or…
Section 952E — Giving a defective disclosure document or statement (whether or not known to be defective)
Financial services licensee gives a defective disclosure document or statement (1) A person (the providing entity), being a financial services licensee, contravenes this subsection if: (a) the…
Section 952F — Offences of financial services licensee knowingly providing defective disclosure material to an authorised representative
(1) For the purposes of this section, a financial services licensee provides disclosure material to an authorised representative of the licensee if: (a) the licensee authorises the distribution by…
Section 952G — Offences of financial services licensee providing disclosure material to an authorised representative (whether or not known to be defective)
(1) For the purposes of this section, a financial services licensee provides disclosure material to an authorised representative of the licensee if: (a) the licensee authorises the distribution by…
Section 952H — Financial services licensee failing to ensure authorised representative gives disclosure documents or statements as required
Obligation (1) A financial services licensee contravenes this subsection if the licensee does not take reasonable steps to ensure that an authorised representative of the licensee: (a) complies with…
Section 952I — Offences if a Financial Services Guide, Supplementary FSG or website disclosure information does not comply with certain requirements
(1) A financial services licensee commits an offence if: (a) the licensee: (i) gives (see subsection (6)) a person a Financial Services Guide in circumstances in which it is required by a provision…
Section 952J — Offence if a Statement of Advice does not comply with certain requirements
(1) A financial services licensee, or an authorised representative of a financial services licensee, commits an offence if: (a) the licensee or representative gives (see subsection (3)) a person a…
Section 952K — Offence if authorised representative gives out unauthorised Financial Services Guide, Supplementary FSG or website disclosure information
An authorised representative of a financial services licensee commits an offence if: (a) the representative: (i) gives a person a Financial Services Guide, or a Supplementary Financial Services…
Section 952L — Offences if financial services licensee or authorised representative becomes aware that a Financial Services Guide, Supplementary FSG or website disclosure information is defective
(1) A financial services licensee commits an offence if: (a) the licensee has authorised an authorised representative of the licensee to distribute a Financial Services Guide, a Supplementary…
Section 952M — Offence of unauthorised alteration of Financial Services Guide, Supplementary Financial Services Guide or website disclosure information
A person commits an offence if: (a) the person engages in conduct that results in an alteration of a Financial Services Guide, a Supplementary Financial Services Guide or website disclosure…
Section 953A — Meaning of defective and disclosure document or statement
(1) In this Subdivision: defective, in relation to a disclosure document or statement, means: (a) if the disclosure document or statement is a Financial Services Guide, a Supplementary Financial…
Section 953B — Civil action for loss or damage
(1) This section applies in the following situations: (a) a person: (i) is required by a provision of this Part to give another person (the client) a disclosure document or statement (the required…
Section 953C — Additional powers of court to make orders
(1) The court dealing with an action under subsection 953B(2) may, in addition to awarding loss or damage under that subsection and if it thinks it necessary in order to do justice between the…
Section 960A — No contracting out
A condition of a contract or other arrangement is void if it provides that a party to the contract is required or bound to waive any right under this Part, or waive the compliance with any…
Section 960B — Obligations under this Part in addition to other obligations
The obligations imposed on a person under this Part are in addition to any other obligations to which the person is subject under this Act or any other law.
Section 961 — Application of this Division
(1) This Division applies in relation to the provision of personal advice (the advice) to a person (the client) as a retail client. (2) The individual who is to provide the advice is referred to in…
Section 961A — Application to a financial services licensee acting as an authorised representative
If a financial services licensee is acting as an authorised representative of another financial services licensee in relation to the advice, this Division applies to the first licensee in relation to…
Section 961B — Provider must act in the best interests of the client
(1) The provider must act in the best interests of the client in relation to the advice. (2) The provider satisfies the duty in subsection (1), if the provider proves that the provider has done each…
Section 961C — Meaning of reasonably apparent
For the purposes of this Division, something is reasonably apparent if it would be apparent to a person with a reasonable level of expertise in the subject matter of the advice that has been sought…
Section 961D — Meaning of reasonable investigation
(1) A reasonable investigation into the financial products that might achieve those of the objectives and meet those of the needs of the client that would reasonably be considered relevant to advice…
Section 961E — What would reasonably be regarded as in the best interests of the client?
It would reasonably be regarded as in the best interests of the client to take a step, if a person with a reasonable level of expertise in the subject matter of the advice that has been sought by the…
Section 961F — Meaning of basic banking product
Each of the following is a basic banking product: (a) a basic deposit product; (b) a facility for making non-cash payments; (d) a facility for providing traveller’s cheques; (e) any other product…
Section 961G — Resulting advice must be appropriate to the client
The provider must only provide the advice to the client if it would be reasonable to conclude that the advice is appropriate to the client, had the provider satisfied the duty under section 961B to…
Section 961H — Resulting advice still based on incomplete or inaccurate information
(1) If it is reasonably apparent that information relating to the objectives, financial situation and needs of the client on which the advice is based is incomplete or inaccurate, the provider must,…
Section 961J — Conflict between client’s interests and those of provider, licensee, authorised representative or associates
(1) If the provider knows, or reasonably ought to know, that there is a conflict between the interests of the client and the interests of: (a) the provider; or (b) an associate of the provider; or…
Section 961K — Civil penalty provision—sections 961B, 961G, 961H and 961J
(1) A financial services licensee contravenes this section if the licensee contravenes section 961B, 961G, 961H or 961J. Note: This subsection is a civil penalty provision (see section 1317E). (2) A…
Section 961L — Licensees must ensure compliance
A financial services licensee must take reasonable steps to ensure that representatives of the licensee comply with sections 961B, 961G, 961H and 961J. Note: This section is a civil penalty provision…
Section 961M — Civil action for loss or damage
(1) This section applies if the client suffers loss or damage because of a contravention of a provision of this Division. (2) A Court may order that one or more of the following persons compensate…
Section 961N — Additional powers of Court to make orders
(1) The Court dealing with an action under subsection 961M(2) may, in addition to awarding loss or damage under that subsection and if it thinks it necessary in order to do justice between the…
Section 961P — Meaning of responsible licensee
The, or a, responsible licensee, in relation to a contravention of a provision of this Part, is: (a) if the person who contravenes the provision is a representative of only one financial services…
Section 961Q — Civil penalty provision—sections 961B, 961G, 961H and 961J
(1) An authorised representative of a financial services licensee contravenes this section if the authorised representative contravenes section 961B, 961G, 961H or 961J. Note: This subsection is a…
Section 962 — Application of this Division
(1) This Division applies in a case where: (a) a financial services licensee, or a representative of a financial services licensee, enters into an ongoing fee arrangement with another person (the…
Section 962A — Meaning of ongoing fee arrangement
Ongoing fee arrangements (1) If: (a) a financial services licensee gives personal advice to a person as a retail client; and (b) that person enters into an arrangement with the financial services…
Section 962WA — Ongoing fee arrangement terminates if fee deducted without consent
(1) It is a condition of the ongoing fee arrangement that the arrangement terminates if any of the following provisions have not been complied with in relation to the arrangement, whether by the…
Section 962YA — Combining information in a single notice or form
(1) If, under this Division, a person is required to give more than one notice or form to the same person, the information may be combined and given in a single notice or form. (2) If a single notice…