Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021 (19 of 2021)

Schedule 1   Ongoing fee arrangements

Part 2   Consequential amendments

Corporations Act 2001

29   Section 9 (paragraph (e) of the definition of Part 7.7A civil penalty provision)

Repeal the paragraph, substitute:

(e) subsection 962R(4) (fee recipient must not deduct ongoing fees without consent);

(ea) subsection 962S(5) or (8) (fee recipient must not arrange for deduction of ongoing fees without consent or accept such deductions);

(eb) subsection 962U(3) (fee recipient must confirm receipt of variation or withdrawal of consent for deductions of ongoing fees);

(ec) subsection 962V(3) (fee recipient must give written notice of cessation of consent to account provider);