24Condition—make‑good orders

24 Condition—make‑good orders

(1) The condition in this section is met for an eligible financial service if, when an order under subsection (2) has been given to the provider for the financial service, the provider: (a) complies with the order within the 30‑day period starting on the day after the provider was given the order; and (b) lodges with ASIC, during that 30‑day period, a notice in a prescribed form stating that the provider has complied with the order. (2) ASIC may, by written notice given to the provider, order that the provider ensures that specified conduct: (a) is engaged in in relation to an eligible financial service; or (b) is not engaged in in relation to an eligible financial service; if: (c) the provider has an exemption under section 6 for the financial service; and (d) ASIC is satisfied that the provision of the financial service has resulted, or is likely to result, in significant detriment to one or more persons as retail clients, or wholesale clients, for the service or a related financial product.

Note: A decision by ASIC under this subsection is a reviewable decision under section 1317B of the Act.