Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.10B - FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT  

Division 2 - Compensation payments under the scheme  

SECTION 1065   MEANING OF RELEVANT AFCA DETERMINATION  

1065(1)    
A determination made by AFCA in respect of a person is a relevant AFCA determination if:

(a)    the determination relates to a complaint by the person that:

(i) at the time the complaint is made, is a complaint against another person (the relevant entity ) who (at that time) is a member of the AFCA scheme; and

(ii) is a complaint about a product, or service, of a kind mentioned in subsection (2) ; and

(b)    the determination:

(i) requires the relevant entity to pay an amount to the person, whether or not the relevant entity still exists; and

(ii) is accepted by the person.

1065(2)    
For the purposes of subparagraph (1)(a)(ii) , the kinds of products and services are as follows:

(a)    engaging in a credit activity (within the meaning of the National Consumer Credit Protection Act 2009 ):

(i) as a credit provider; or

(ii) other than as a credit provider;

(b)    providing financial product advice that is personal advice provided to a person as a retail client about one or more products that include at least one relevant financial product (within the meaning of Part 7.6 of this Act);

(c)    dealing in securities for a person as a retail client, other than issuing securities.

1065(3)    
In this section:

credit provider
has the same meaning as in any Part of the National Consumer Credit Protection Act 2009 other than Part 3-2CA .