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 962U   VARIATION OR WITHDRAWAL OF CONSENT  

962U(1)    
If a person (the account holder ) who holds an account gives consent to a fee recipient under section 962R or 962S for the purposes of this Subdivision, the account holder may:

(a)    withdraw the consent at any time, by notice in writing to the fee recipient; and

(b)    vary the consent at any time, by notice in writing to the fee recipient.

962U(2)    
If the fee recipient receives a notice from the account holder under subsection (1) , the fee recipient must within 10 business days of receipt:

(a)    give written confirmation to the account holder that the notice was received; and

(b)    if the fee recipient gave a copy of the account holder ' s consent to an account provider under paragraph 962S(3)(c) - give the account provider a copy of the notice.

962U(3)    
(Repealed by No 67 of 2024, s 3, Sch 1[15] (effective 10 July 2024).)