Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 3 - Charging ongoing fees to clients  

Subdivision C - Consent required for deduction of ongoing fees from accounts  

SECTION 962V   WHEN CONSENT CEASES TO HAVE EFFECT  

962V(1)    
A consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect:

(a)    unless paragraph (b) or (c) applies - at the end of the period of 150 days after the anniversary day for the ongoing fee arrangement; or

(b)    if the ongoing fee arrangement is terminated - at the time the ongoing fee arrangement terminates; or

(c)    if a new consent is given in relation to the ongoing fee arrangement for the purposes of this Subdivision - at the time that new consent is given.

962V(2)    
If:

(a)    a consent given in relation to an ongoing fee arrangement for the purposes of this Subdivision ceases to have effect under subsection (1) ; and

(b)    a fee recipient gave a copy of the consent to an account provider under paragraph 962S(3)(c) ;

the fee recipient must give written notice of the cessation to the account provider within 10 business days of the cessation.

962V(3)    
A person contravenes this subsection if the person contravenes subsection (2) .

Note: This subsection is a civil penalty provision (see section 1317E ).