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 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 3 - Charging ongoing fees to clients  

Subdivision C - Account holder consent required for deducting ongoing fees from accounts  

SECTION 962T  

962T   REQUIREMENTS FOR CONSENT - DEDUCTION OF FEES FROM ACCOUNTS  

The requirements for the consent are:

(a)    before obtaining the consent, the fee recipient disclosed to the account holder, in writing, the matters set out in subsection 962G(2) ; and

(b)    the consent is given by the account holder for the ongoing fees disclosed under paragraph (a) , to be deducted from the account; and

(c)    the consent specifies the name of the account holder and the account number; and

(d)    for each amount to be deducted, the consent specifies:

(i) the amount to be deducted; or

(ii) if the amount to be deducted cannot be determined at the time the consent is given, a reasonable estimate of that amount and an explanation of the method used to work out the estimate; and

(e)    the consent is signed by the account holder; and

(f)    the consent is dated; and

(g)    any other requirements prescribed by the regulations.

Note: If the account is held jointly, these paragraphs must be satisfied in relation to each account holder: see subsections 962R(3) and 962S(4) .