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 4 - Conflicted remuneration  

Subdivision B - Meaning of conflicted remuneration  

SECTION 963A   MEANING OF CONFLICTED REMUNERATION - GENERAL  

963A(1)    
Conflicted remuneration means any benefit, whether monetary or non-monetary, given to a financial services licensee, or a representative of a financial services licensee, who provides financial product advice to persons as retail clients that:

(a)    because of the nature of the benefit or the circumstances in which it is given:

(i) could reasonably be expected to influence the choice of financial product recommended by the licensee or representative to retail clients; or

(ii) could reasonably be expected to influence the financial product advice given to retail clients by the licensee or representative; and

(b)    is not given to the licensee or representative by a person who is a retail client in relation to a financial product or financial service provided by the licensee or representative to the client.

963A(2)    
For the purposes of this Subdivision, a reference to giving a benefit includes a reference to causing or authorising the benefit to be given.