Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7 - FINANCIAL SERVICE DISCLOSURE  

Division 2 - Financial Services Guide  

REGULATION 7.7.05B   PERSONALISED FINANCIAL SERVICES GUIDE  

7.7.05B(1)    
This regulation applies if:

(a)    a financial services licensee; or

(b)    an authorised representative (the authoriser ) of a financial services licensee;

authorises an individual to provide financial services on behalf of the licensee.

Note: This regulation is also relevant to website disclosure information made available in accordance with Division 2A of Part 7.7 of the Act (see paragraph 943J(b) of the Act).

7.7.05B(2)    
For paragraph 942C(4) (b) of the Act, the Financial Services Guide in relation to a financial service does not have to include the information in paragraph 942C(2) (a) of the Act, in respect of the individual, if:

(a)    the financial service is dealing in a financial product or the provision of general advice or both; and

(b)    the individual provides the financial service in accordance with the authorisation; and

(c)    the licensee has reasonable grounds to believe that the identity or remuneration of the individual would not be material to a decision by a retail client whether or not to obtain the financial service; and

(d)    the Financial Services Guide includes:

(i) the contact details and licence number of the licensee; and

(ii) a statement setting out, in general terms, the individual ' s role and capacity in providing the financial service.

7.7.05B(2A)    

For paragraph 942C(4)(b) of the Act, the Financial Services Guide in relation to a financial service does not have to include a statement setting out the name and contact details of a person if:

(a)    the person is:

(i) a franchisee of the holder of an Australian financial services licence (the franchisor ) and a corporate authorised representative of the franchisor; or

(ii) an employee of a franchisee of the holder of an Australian financial services licence; and

(b)    the franchisor is an authorised deposit-taking institution (within the meaning of the Banking Act 1959 ) and regulated by APRA; and

(c)    the franchise agreement:

(i) subjects the person to the policies of the franchisor; and

(ii) requires compliance by the person with the policies of the franchisor that were made to give effect to the franchisor ' s obligations under the Australian financial services licence; and

(d)    the Financial Services Guide produced by the franchisor explains that the franchisor takes responsibility for the services provided by the person.

7.7.05B(3)    
For paragraph 942C(4) (b) of the Act, the Financial Service Guide in relation to a financial service does not have to include the information in paragraph 942C(2) (a) of the Act, in respect of an authoriser, if:

(a)    the financial service is dealing in a financial product or the provision of general advice or both; and

(b)    the authoriser provides the financial service in accordance with the authorisation; and

(c)    the licensee has reasonable grounds to believe that the identity or remuneration of the authoriser would not be material to a decision by a retail client whether or not to obtain the financial service; and

(d)    the Financial Services Guide includes:

(i) the contact details and licence number of the licensee; and

(ii) a statement setting out, in general terms, the authoriser ' s role and capacity in providing the financial service.

Note: The Financial Services Guide will contain all information otherwise required by section 942C of the Act.