Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 1   Delivering better financial outcomes - reducing red tape

Part 4   Conflicted remuneration

Corporations Act 2001

84   Section 963A

Repeal the section, substitute:

963A Meaning of conflicted remuneration - general

(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.

(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.