Commonwealth legislation

ASIC Corporations (Financial Services Guides) Instrument 2022/910

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This instrument exempts authorised representatives from the Corporations Act rule to give a Financial Services Guide to retail clients when they only deal in a product and provide claims-handling services for general insurance or specified bundled consumer credit insurance for their licensee. The exemption applies only if the representative is authorised solely for those services and the licensee takes reasonable steps to ensure clients are told about the licensee’s dispute-resolution process and given written details of who the representative acts for and any remuneration. It expires after five years.

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ASIC Corporations (Financial Services Guides) Instrument 2022/910

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Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Financial Services Guides) Instrument 2022/910

I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 24 November 2022

Rhys Bollen

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

5 Financial Services Guide

Part 3—Repeal

6 Repeal

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Financial Services Guides) Instrument 2022/910.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under section 951B of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 2—Exemption

5 Financial Services Guide

(1) An authorised representative of a financial services licensee (the licensee) does not have to comply with subsection 941B(1) of the Act to the extent it requires the authorised representative to give a Financial Services Guide to a person as a retail client (the client) for the authorised representative providing a financial service on behalf of the licensee.

Where exemption applies

(2) The exemption in subsection (1) applies where all of the following are satisfied:

(a) the authorised representative is authorised by the licensee to provide both of the following financial services on behalf of the licensee:

(i) deal in a financial product;

(ii) provide a claims handling and settling service;

(b) the authorised representative is not authorised by the licensee to provide financial services other than those in subparagraphs (a)(i) and (ii);

(c) the financial service provided by the authorised representative on behalf of the licensee is dealing in either of the following:

(i) a general insurance product;

(ii) a bundled consumer credit insurance product (within the meaning of ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682);

(d) the licensee has taken reasonable steps to ensure that, when the authorised representative provides the financial service to the client:

(i) the authorised representative draws the client’s attention to the availability of a dispute resolution system of the licensee that covers complaints by the client in relation to the financial service and how that system may be accessed; and

(ii) the client is given information in writing about:

(A) who the authorised representative acts for when providing the financial service; and

(B) any remuneration (including commission) or other benefits that the authorised representative, or an associate of the authorised representative, may receive in respect of, or that is attributable to, the provision of the financial service.

Part 3—Repeal

6 Repeal

This instrument is repealed five years after the day this instrument commences.