Financial Sector Reform (Hayne Royal Commission Response) (Claimant Intermediaries) Regulations 2021 (F2021L00453)

Schedule 1   Claimant intermediaries

Corporations Regulations 2001

1   After regulation 7.1.04C

Insert:

7.1.04CAA Meaning of claimant intermediary - persons excluded from being claimant intermediaries

(1) For the purposes of subsection 761CAA(2) of the Act, a person is not a claimant intermediary in the circumstances set out in subregulation (2), (4), (5), (6), (7), (8), (9), (10), (11) or (12).

Mortgage brokers and mortgage intermediaries

(2) The circumstances are:

(a) the person is a mortgage broker or mortgage intermediary; and

(b) the mortgage broker or mortgage intermediary provides a credit service to a consumer; and

(c) the mortgage broker or mortgage intermediary represents the consumer in pursuing a claim under an insurance product.

(3) Expressions used in subregulation (2) that are also used in the National Consumer Credit Protection Act 2009 have the same meaning in that subregulation as they have in that Act.

Insurance brokers

(4) The circumstances are that the person is an insurance broker (within the meaning of the Insurance Contracts Act 1984).

Qualified accountants

(5) The circumstances are:

(a) the person is a qualified accountant; and

(b) the qualified accountant provides one or more of the following services to a person (the client ):

(i) preparing a financial report or financial statements (including, but not limited to, a financial report or financial statements required under the Act);

(ii) auditing financial records;

(iii) a tax agent service (within the meaning of the Tax Agent Services Act 2009);

(iv) if the qualified accountant is a limited licensee (within the meaning of subregulation 7.6.04(3)) or supervises and has responsibility for the provision of financial services covered by the financial services licence of a limited licensee - a financial service covered by the financial services licence of the limited licensee; and

(c) the qualified accountant represents the client in pursuing a claim under an insurance product.

Veterinarians

(6) The circumstances are:

(a) the person (the veterinarian ) is registered under the law of a State or Territory as a veterinarian, veterinary practitioner or veterinary surgeon; and

(b) the veterinarian represents a person insured under an insurance product in pursuing a claim under the product; and

(c) the claim relates to the management or prevention of a disease, injury or condition of an animal covered by the insurance product.

Travel agents

(7) The circumstances are:

(a) the person is a travel agent; and

(b) the travel agent represents a person insured under an insurance product in pursuing a claim under the product; and

(c) the claim relates to any of the following matters covered by the insurance product:

(i) financial loss for fares for any form of transport or accommodation to be used in the course of a specified journey if the insured person does not start or complete the journey;

(ii) loss or damage to personal belongings while the insured person is on a specified journey;

(iii) a sickness or disease contracted, or injury sustained, by the insured person on a specified journey;

(iv) loss, damage or compensation for an event affecting the insured person on a specified journey that ordinarily forms a part of insurance commonly regarded as travel insurance, including loss of cash or credit cards, legal liability, hijack, kidnap or ransom.

Financial advisers

(8) The circumstances are:

(a) the person is a financial services licensee whose Australian financial services licence covers the provision of financial product advice; or

(b) both of the following are satisfied:

(i) the person is an authorised representative of a financial services licensee whose Australian financial services licence covers the provision of financial product advice;

(ii) the person is authorised by the licensee to provide financial product advice on behalf of the licensee.

Financial counsellors

(9) The circumstances are that the person is a member of one ofthe following bodies, acting in that capacity:

(a) Financial Counselling Australia Ltd;

(b) Financial Counsellors Association of New South Wales Inc;

(c) Financial and Consumer Rights Council Inc.;

(d) Financial Counsellors Association of Queensland Inc.;

(e) Financial Counsellors Association of Western Australia Inc;

(f) The South Australian Financial Counsellors' Association Incorporated;

(g) Financial Counselling Tasmania Inc.;

(h) Financial Counsellors ACT;

(i) Money Workers Association of the Northern Territory Incorporated.

Property managers

(10) The circumstances are:

(a) the person (the property manager ) carries on a business of managing property; and

(b) the property manager manages property on behalf of one or more other persons; and

(c) the property manager represents a person insured under an insurance product in pursuing a claim in relation to the property under the insurance product.

Estate management

(11) The circumstances are:

(a) the person (the estate manager ) administers the estate of a person who is:

(i) deceased; or

(ii) incapable of managing the person's own affairs because of physical or mental incapacity; and

(b) the estate manager represents a person insured under an insurance product in pursuing a claim under the insurance product; and

(c) the claim relates to the estate or its administration.

Public Trustees etc.

(12) The circumstances are:

(a) the person (the estate manager ) is the Public Trustee (however described) of a State or Territory; and

(b) the estate manager administers the estate of a person; and

(c) the estate manager represents a person insured under an insurance product in pursuing a claim under the insurance product; and

(d) the claim relates to the estate or its administration.