Treasury Laws Amendment (2023 Measures No. 3) Act 2023 (75 of 2023)

Schedule 2   Recognising experience in the financial advice industry

Part 1   Transitional arrangements for experienced providers

Corporations Act 2001

3   Section 1684 of Part 10.57

Insert:

experienced provider : a person is an experienced provider if:

(a) the person is an individual; and

(b) on a day within the period (the qualifying period ) beginning on 1 January 2007 and ending on 31 December 2021, the person was, under this Act as in force on that day:

(i) a financial services licensee; or

(ii) an authorised representative of a financial services licensee; or

(iii) an employee or director of a financial services licensee; or

(iv) an employee or director of a related body corporate of a financial services licensee; and

(c) the person was, under this Act as in force on that day, authorised to provide personal advice to retail clients in relation to any financial product other than:

(i) a general insurance product; or

(ii) a consumer credit insurance product; or

(iii) for a day within the qualifying period that is on or after 1 July 2012 - a basic banking product; and

(d) the person satisfies paragraphs (b) and (c) for at least 10 years (that is, 3,650 days) within the qualifying period (whether consecutive or not); and

(e) before the end of the qualifying period, the person has never:

(i) been banned or disqualified under Division 8 of Part 7.6 as in force at that time; or

(ii) given an undertaking under section 93AA or 171E of the ASIC Act as in force at that time.