Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 7   Claims handling and settling services

Corporations Act 2001

8   After subsection 766B(7)

Insert:

(7A) A recommendation or a statement of opinion, or a report of either of those things,is not financial product advice if giving the recommendation, statement of opinion or reportcould reasonably be regarded as a necessary part of providing a claims handling and settling service.

(7B) The regulations may prescribe:

(a) circumstances in which giving a recommendation, statement of opinion or report could reasonably be regarded as a necessary part of providing a claims handling and settling service for the purposes of subsection (7A); and

(b) circumstances in which giving a recommendation, statement of opinion or report could not reasonably be regarded as a necessary part of providing a claims handling and settling service for the purposes of subsection (7A).