Corporations Amendment (Financial Advice Measures) Act 2016 (22 of 2016)
Schedule 1 Amendments
Corporations Act 2001
16 Subsections 961J(2) and (3)
Repeal the subsections, substitute:
(a) the provider is:
(i) an agent or employee of an Australian ADI; or
(ii) otherwise acting by arrangement with an Australian ADI under the name of the Australian ADI; and
(b) the subject matter of the advice sought by the client relates only to the following:
(i) a basic banking product;
(ii) a general insurance product;
(iii) consumer credit insurance;
(iv) a combination of any of those products;
subsection (1) does not apply to the extent that the advice relates to a basic banking product or a general insurance product or a combination of those 2 products.
(3) Subsection (1) does not apply to the extent that the subject matter of the advice sought by the client is a general insurance product.