{"id":"F2021L00299","name":"ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124","slug":"asic-corporations-consent-to-deductions-ongoing-fee-arrangements-instrument-2021-124","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":101410,"registerId":"commonwealth-F2021L00299-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124\n\nAbout this compilation\n\nCompilation No. 1\n\nThis is a compilation of ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124 as in force on 29 June 2023. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc140757698)\n\n[1 Name of legislative instrument](#_Toc140757699)\n\n[3 Authority](#_Toc140757700)\n\n[4 Definitions](#_Toc140757701)\n\n[Part 2—Determination](#_Toc140757702)\n\n[5 Requirements for giving written consent to deductions of ongoing fees](#_Toc140757703)\n\n[Endnotes](#_Toc140757704)\n\n[Endnote 1—Instrument history](#_Toc140757705)\n\n[Endnote 2—Amendment history](#_Toc140757706)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Consent to Deductions—Ongoing Fee Arrangements) Instrument 2021/124.\n\n3 Authority\n\nThis instrument is made under section 962T of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\naccount holder has the same meaning as in subsections 962R(1) and 962S(1) of the Act.\n\nAct means the Corporations Act 2001.\n\nanniversary day, for an ongoing fee arrangement, has the meaning given by subsection 962G(3) of the Act.\n\nfee disclosure statement has the meaning given by subsection 962H(1) of the Act.\n\nfee recipient has the meaning given by section 962C of the Act.\n\nongoing fees has the meaning given by section 962B of the Act.\n\nongoing fee arrangement has the meaning given by section 962A of the Act.\n\nPart 2—Determination\n\n5 Requirements for giving written consent to deductions of ongoing fees\n\n(1) The requirements in this section are specified for the purposes of section 962T of the Act in relation to giving written consent by an account holder to permit a fee recipient in relation to an ongoing fee arrangement to deduct, or arrange for or accept the deduction of, ongoing fees from the account holder’s account.\n\n(2) A written consent may only be given by an account holder by signing, or otherwise agreeing in writing (including electronically) to the terms of, a written consent which complies with this section and must also bear a date indicating when the consent was given by the account holder.\n\n(3) The written consent must include the following information:\n\n(a) the name of the account holder at the time the account holder signs (or otherwise agrees in writing to the terms of) the written consent;\n\n(b) the name and contact details of the person who, at the time the account holder signs (or otherwise agrees in writing to the terms of) the written consent, is to be the fee recipient;\n\n(c) an explanation of why the account holder’s consent is being sought;\n\n(d) in relation to an existing ongoing fee arrangement that might be renewed by the account holder and subject to paragraph (f)—the frequency and amount of each ongoing fee the account holder will pay during the upcoming year if the account holder were to renew the existing ongoing fee arrangement, where the upcoming year is a period of 12 months beginning on the next anniversary day for the ongoing fee arrangement;\n\n(e) in relation to a new ongoing fee arrangement that might be entered into by the account holder and subject to paragraph (f)—the frequency and amount of each ongoing fee the account holder will pay during the upcoming year if the account holder were to enter into a new ongoing fee arrangement, where the upcoming year is a period of 12 months beginning on a day that is no more than 30 days after the fee recipient gives or makes available to the account holder all of the information that this subsection requires to be included in a written consent;\n\n(f) if the amount of an ongoing fee the account holder will pay during the upcoming year cannot be determined—a reasonable estimate of the amount of the ongoing fees the account holder will pay during the upcoming year and an explanation of the method used to work out the estimate;\n\n(g) details of each account from which the account holder will pay ongoing fees and, for each account and subject to paragraph (f), the amount of each ongoing fee the account holder will pay from each account;\n\n    (h) statements to the effect that:\n    (i) the consent will cease to have effect up to 150 days after the anniversary day for the ongoing fee arrangement; and\n\n(ii) the account holder can withdraw their consent or terminate or vary the ongoing fee arrangement at any time by notice in writing to the fee recipient.\n\n(4) The written consent must be worded and presented in a clear, concise and effective manner.\n\n(5) A written consent need not include the information specified in subsection (3) to the extent all of the following are satisfied:\n\n(a) the written consent is combined with a fee disclosure statement given to the account holder;\n\n(b) the information that would otherwise be required to be included in the written consent is included in the fee disclosure statement; and\n\n(c) the fee disclosure statement is worded and presented in a clear, concise and effective manner.\n\n  \n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration    | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | --------------------------- | -------------------- | ---------------------------------------------- |\n| 2021/124          | 24/3/2021 (see F2021L00299) | 1/7/2021             |                                                |\n| 2023/512          | 28/6/2023 (see F2023L00880) | 29/6/2023            |                                                |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected |\n| ------------------ | ------------ |\n| Section 2          | rep. s48D LA |\n| Section 5(3)(a)    | am. 2023/512 |\n| Section 5(3)(b)    | am. 2023/512 |","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"The instrument was amended in 2023 (see Endnote 2). The amendments specifically altered the required content of written consents by changing section 5(3)(a) and 5(3)(b), thereby modifying the precise information fee recipients must include in consents and so narrowing/adjusting the instrument’s operational scope over consent content and disclosure duties."},"complexity_factors":["Cross‑references to multiple Corporations Act definitions (ongoing fee arrangement, ongoing fees, account holder, fee recipient, anniversary day, fee disclosure statement) increase interpretive steps (see s4 of the instrument; Act cross‑refs cited throughout s5).","Different disclosure timing rules for existing versus new arrangements (s5(3)(d)–(e)) require fee recipients to track anniversary days and a 30‑day window for new arrangements.","Allowance for reasonable estimates where amounts cannot be determined (s5(3)(f)) imposes an evidential requirement to document estimation method.","Consent formalities: signed or otherwise agreed in writing, must bear a date (including electronic agreements) — record‑keeping and proof of consent obligations (s5(2)).","Consent content requirements are detailed and multi‑element (name, fee recipient contact, purpose, frequencies, amounts, accounts) increasing drafting and compliance effort (s5(3)(a)–(g)).","Consent expiry/withdrawal statements and timing (consent ceases to have effect up to 150 days after the anniversary day; right to withdraw/terminate/variate at any time) add a timing/compliance layer (s5(3)(h)).","Presentation standard (clear, concise and effective) is qualitative and may require template testing or legal review (s5(4)).","Permitted consolidation with a fee disclosure statement (s5(5)) reduces duplication but requires coordination between documents and consistent presentation standards.","Amendment history (Endnote 2) shows recent changes to the core consent content (s5(3)(a) and (b)), so implementers must track updates and ensure templates reflect amendments."],"plain_english_summary":"Requires the specific information, format and dating that a client’s written consent must include before a fee recipient may deduct ongoing fees from the client’s account. It covers both renewing and new ongoing fee arrangements, permits electronic signing, allows reasonable estimates where exact amounts are unknown, and lets consent be combined with a fee disclosure statement. Affected parties: account holders (who pay) and fee recipients (who must supply and record the information); compliance costs fall on fee recipients to calculate, disclose and retain compliant consents."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: prescribing consent form requirements for ongoing fee deductions. The 2023 amendments (Instrument 2023/512) were minor technical amendments to sections 5(3)(a) and (b) regarding name requirements, not an expansion of scope."},"complexity_factors":["Short instrument with only 5 operative sections (2 preliminary, 1 substantive determination)","Minimal cross-referencing — only refers outward to defined terms in the Corporations Act 2001 (7 defined terms total)","Single conditional exception in section 5(5) allowing combination with fee disclosure statements","Straightforward prescriptive requirements in section 5(3) with simple alternative paths for existing vs new arrangements (paragraphs d and e)","No nested exceptions or complex temporal calculations beyond the '150 days after anniversary day' and '30 days after information provision' rules","Plain language drafting with explicit 'clear, concise and effective' presentation requirement"],"plain_english_summary":"This instrument requires financial advisers and other fee recipients to obtain clear, written consent before deducting ongoing fees from clients’ accounts, specifying who’s paid, why, how much (or an estimate), which accounts, and cancellation rights. Consent must be \"clear, concise and effective,\" expires within 150 days after each anniversary, and can be revoked in writing.\n\nIf an annual fee disclosure statement already contains the required info and clarity, the consent form can rely on it. This protects consumers from unwanted or forgotten fee deductions."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-consent-to-deductions-ongoing-fee-arrangements-instrument-2021-124","history":"/api/acts/asic-corporations-consent-to-deductions-ongoing-fee-arrangements-instrument-2021-124/history","analysis":"/api/acts/asic-corporations-consent-to-deductions-ongoing-fee-arrangements-instrument-2021-124/analysis","conflicts":"/api/acts/asic-corporations-consent-to-deductions-ongoing-fee-arrangements-instrument-2021-124/conflicts","importantCases":"/api/acts/asic-corporations-consent-to-deductions-ongoing-fee-arrangements-instrument-2021-124/important-cases","documents":"/api/acts/asic-corporations-consent-to-deductions-ongoing-fee-arrangements-instrument-2021-124/documents"}}