Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)
Schedule 1 Delivering better financial outcomes - reducing red tape
Part 3 Financial Services Guides
Corporations Act 2001
32 After Division 2 of Part 7.7
Insert:
Division 2A - Website disclosure for financial product advice provided to a retail client
943G Obligation on financial services licensee to make website disclosure information available
(1) A financial services licensee (the providing entity ) must make website disclosure information available on its website in accordance with this Division if the providing entity provides financial product advice to a person as a retail client.
(2) However, subsection (1) does not apply if:
(a) disregarding subsection 941C(5A), the providing entity is not required by a provision of this Part to give the client a Financial Services Guide in accordance with Division 2 in relation to the financial product advice; or
(b) the providing entity gives (within the meaning of section 940C) the client a Financial Services Guide, or something purporting to be a Financial Services Guide, by the time they are required by this Part to do so.
(3) A person contravenes this subsection if the person contravenes subsection (1).
Note: This subsection is a civil penalty provision (see section 1317E).
Interaction with section 941A
(4) If conduct constitutes a contravention of subsection (3) and subsection 941A(3), proceedings may be started against a person in relation to the contravention of either or both of those subsections.
(5) However, the person is not liable to more than one pecuniary penalty in relation to the same conduct.
943H Obligation on authorised representative to make website disclosure information available
(1) An authorised representative (the providing entity ) of a financial services licensee (the authorising licensee ), or of 2 or more financial services licensees (the authorising licensees ), must make website disclosure information available on its website in accordance with this Division if the providing entity, as a representative of the authorising licensee, or one or more of the authorising licensees, provides financial product advice to a person (the client ) as a retail client.
Note: If the providing entity is the authorised representative of 2 or more financial services licensees, each of those licensees is, for the purposes of this Division, an authorising licensee in relation to the financial service provided to the client, even though the providing entity may not have been acting as representative of each of those licensees in providing the service to the client.
(2) However, subsection (1) does not apply if:
(a) disregarding subsection 941C(5A), the providing entity is not required by a provision of this Part to give the client a Financial Services Guide in accordance with Division 2 in relation to the financial product advice; or
(b) the providing entity gives (within the meaning of section 940C) the client a Financial Services Guide, or something purporting to be a Financial Services Guide, by the time they are required by this Part to do so.
(3) An authorised representative must not make website disclosure information available on its website unless the authorising licensee, or each of the authorising licensees, has authorised its distribution by the authorised representative.
(4) A person contravenes this subsection if the person contravenes subsection (1) or (3).
Note: This subsection is a civil penalty provision (see section 1317E).
Interaction with section 941B
(5) If conduct constitutes a contravention of subsection (4) and subsection 941B(4), proceedings may be started against a person in relation to the contravention of either or both of those subsections.
(6) However, the person is not liable to more than one pecuniary penalty in relation to the same conduct.
943J Meaning of website disclosure information
Website disclosure information , in relation to a financial services licensee or an authorised representative of a financial services licensee, means the statements and information:
(a) in the case of a financial services licensee - that would be required by section 942B to be in a Financial Services Guide given by the licensee; and
(b) in the case of an authorised representative - that would be required by section 942C to be in a Financial Services Guide given by the authorised representative.
943K Website disclosure information must be readily accessible
(1) This section applies if the providing entity makes website disclosure information, or something purporting to be website disclosure information, available on its website.
(2) The providing entity must ensure that the website disclosure information on its website is kept readily accessible by the public.
Note: This subsection is a civil penalty provision (see section 1317E).
943L Website disclosure information must be kept up to date
(1) This section applies if the providing entity makes website disclosure information, or something purporting to be website disclosure information, available on its website.
(2) The providing entity must ensure that the website disclosure information on its website:
(a) is kept up to date; and
(b) specifies the day on which it was prepared or last updated.
Note 1: This subsection is a civil penalty provision (see section 1317E).
Note 2: Website disclosure information must not be updated unless doing so is authorised by the relevant financial services licensee: see section 943M.
943M Altering website disclosure information after it has been made available
A financial services licensee, or an authorised representative of a financial services licensee, must not, in purported compliance with a provision of this Part, alter website disclosure information on its website, unless:
(a) the distribution of the altered website disclosure information was authorised by:
(i) if the website disclosure information relates to a financial services licensee - that licensee; or
(ii) if the website disclosure information relates to an authorised representative of a financial services licensee or financial services licensees - the financial services licensee, or each of the financial services licensees, who authorised the distribution of the website disclosure information as required by subsection 943H(3); and
(b) if the alteration is a material alteration - the day specified as required by paragraph 943L(2)(b) has been changed to the date on which the alteration was made.
Note: Failure to comply with this section is an offence (see subsection 1311(1)).
943N Record of advice must be provided in certain circumstances
If:
(a) the website disclosure information includes a statement to the effect that a client may request a record of further market-related advice or advice to which subsection 946B(7) applies; and
(b) the client is provided with advice to which that statement applies; and
(c) the client has not already been provided with a record of that advice;
the providing entity must comply with a request made in accordance with that statement for a record of that advice.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).