20Condition—maintaining certain procedures, memberships and arrangements

20 Condition—maintaining certain procedures, memberships and arrangements

The condition in this section is met for an eligible financial service if the provider: (a) establishes and maintains an internal dispute resolution procedure that: (i) complies with the standards, and requirements, made or approved for the purposes of subsection 912A(2) of the Act; and (ii) covers complaints against the provider made by retail clients in connection with the provision of the financial service; and (b) is a member of the AFCA scheme for the purposes of dealing with complaints against the provider made by retail clients in connection with the provision of the financial service; and (c) establishes and maintains arrangements that: (i) include holding adequate professional indemnity insurance; or (ii) are approved by ASIC in writing as adequate; for compensating the provider’s retail clients for loss or damage suffered because of breaches of the Act, or of the conditions in this instrument, by the provider or its representatives; and (d) continues the memberships referred to in paragraph (b), and the arrangements referred to in paragraph (c), for at least 12 months after the end of the financial service’s testing period.