Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)
Schedule 7 Claims handling and settling services
Corporations Act 2001
8 After subsection 766B(7)
Insert:
(7A) A recommendation or a statement of opinion, or a report of either of those things,is not financial product advice if giving the recommendation, statement of opinion or reportcould reasonably be regarded as a necessary part of providing a claims handling and settling service.
(7B) The regulations may prescribe:
(a) circumstances in which giving a recommendation, statement of opinion or report could reasonably be regarded as a necessary part of providing a claims handling and settling service for the purposes of subsection (7A); and
(b) circumstances in which giving a recommendation, statement of opinion or report could not reasonably be regarded as a necessary part of providing a claims handling and settling service for the purposes of subsection (7A).
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