Financial Services Reform Act 2001 (122 of 2001)
Schedule 1 Financial Services and Markets
Part 1 Main amendments
Corporations Act 2001
1 Chapter 7 - Part 7.7 - Division 7
Division 7 - Enforcement
Subdivision A - Offences
952A Overview
This Subdivision contains provisions creating offences by references to various rules contained in preceding Divisions of this Part. However, it does not create all the offences relating to those rules, as some offences are created by subsection 1311(1). Where offences are created by subsection 1311(1) in relation to a rule, this is indicated by a note at the end of the provision containing the rule.
952B Definitions
(1) In this Subdivision:
defective , in relation to a disclosure document or statement, means:
(a) if the disclosure document or statement isa Financial Services Guide, a Supplementary Financial Services Guide, or is information or a statement required by subsection 941C(5), 941C(7) or 941D(2):
(i) there is a misleading or deceptive statement in the disclosure document or statement; or
(ii) if it isa Financial Services Guide - there is an omission from the Financial Services Guide of material required by section 942B or 942C; or
(iii) if it is a Supplementary Financial Services Guide that is given for the purposes of paragraph 941F(d) - there is an omission from the Supplementary Financial Services Guide of material required by that paragraph; or
(iv) if it is information or a statement required by subsection 941C(5), 941C(7) or 941D(2) - there is an omission from the document or statement of material required by that subsection;
being a statement, or an omission, that is or would bematerially adverse from the point of view of a reasonableperson considering whether to proceed to be provided with the financial service concerned; or
(b) if the disclosure document or statement is a Statement of Advice, or is information or a statement required by subsection 946B(3), 946B(6) or 946C(2) or by section 950D or 950E:
(i) there is a misleading or deceptive statement in the disclosure document or statement; or
(ii) if it is a Statement of Advice - there is an omission from the Statement of advice of material required by section 947B, 947C or 947D; or
(iii) if it is information or a statement required by subsection 946B(3), 946B(6) or 946C(2) or by section 950D or 950E - there is an omission from the information or statement of material required by that subsection or section;
being a statement, or an omission, that is or would bematerially adverse from the point of view of a reasonableperson considering whether to act in reliance on the advice concerned.
Note: In determining whether a Financial Services Guide is defective, the effect of section 943D must be taken into account (section 943D takes information and statements in a Supplementary Financial Services Guide to be included in the Financial Services Guide it supplements).
disclosure document or statement means:
(a) a Financial Services Guide; or
(b) a Supplementary Financial Services Guide; or
(c) a Statement of Advice; or
(d) information or a statement required by subsection 941C(5), 941C(7), 941D(2), 946B(3), 946B(6) or 946C(2) or by section 950D or 950E.
(2) In this Subdivision, a reference (including in the definitions in subsection (1)) to a document or statement of a kind referred to in a paragraph of the definition of disclosure document or statement in subsection (1) includes a reference to something purporting to be a document or statement of that kind.
952C Offence of failing to give a disclosure document or statement
Strict liability offence
(1) A person (the providing entity ) commits an offence if:
(a) the providing entity is required by a provision of this Part to give another person a disclosure document or statement (the required disclosure document or statement ); and
(b) the providing entity does not give (within the meaning of section 940C) the other person anything purporting to be the required disclosure document or statement by the time they are required to do so.
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
(2) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of theCriminal Code.
Ordinary offence
(3) A person (the providing entity ) commits an offence if:
(a) the providing entity is required by a provision of this Part to give another person a disclosure document or statement (the required disclosure document or statement ); and
(b) the providing entity does not give (within the meaning of section 940C) the other person anything purporting to be the required disclosure document or statement by the time they are required to do so.
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
Defence for authorised representative
(4) In any proceedings against an authorised representative of a financial services licensee for an offence based on subsection (1) or (3), it is a defence if:
(a) the licensee had provided the representative with information or instructions about the giving of disclosure documents or statements; and
(b) the representative’s failure to give the required disclosure document or statement occurred because the representative was acting in reliance on that information or those instructions; and
(c) the representative’s reliance on that information or those instructions was reasonable.
Note: A defendant bears an evidential burden in relation to the matters in subsection (4). See subsection 13.3(3) of theCriminal Code.
952D Offence of giving a disclosure document or statement knowing it to be defective
(1) A person (the providing entity ), being a financial services licensee, commits an offence if:
(a) the providing entity:
(i) gives (see subsection (3)) another person a disclosure document or statement in circumstances in which the document or statement is required by a provision of this Part to be given to the other person; or
(ii) is a financial services licensee and gives (see subsection (3)), or makes available to, another person a disclosure document or statement, being a Financial Services Guide or a Supplementary Financial Services Guide, reckless as to whether the other person will or may rely on the information in it; and
(b) the providing entity knows that the disclosure document or statement is defective.
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
(2) An authorised representative of a financial services licensee commits an offence if:
(a) the representative:
(i) gives (see subsection (3)) a person a disclosure document or statement in circumstances in which the document or statement is required by a provision of this Part to be given to the person; or
(ii) gives (see subsection (3)), or makes available to, a person a disclosure document or statement, being a Financial Services Guide or a Supplementary Financial Services Guide, reckless as to whether the person will or may rely on the information in it; and
(b) the representative knows that the disclosure document or statement is defective.
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
(3) In this section, give means give by any means (including orally), and is not limited to the meaning it has because of section 940C.
952E Offence of giving a defective disclosure document or statement (whether or not known to be defective)
(1) A person (the providing entity ), being a financial services licensee, commits an offence if:
(a) the providing entity:
(i) gives (see subsection (7)) another person a disclosure document or statement in circumstances in which the document or statement is required by a provision of this Part to be given to the other person; or
(ii) is a financial services licensee and gives (see subsection (7)), or makes available to, another person a disclosure document or statement, being a Financial Services Guide or a Supplementary Financial Services Guide, reckless as to whether the other person will or may rely on the information in it; and
(b) the disclosure document or statement is defective.
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
(2) For the purposes of an offence based on subsection (1), strict liability applies to the physical element of the offence specified in paragraph (1)(b).
Note: For strict liability , see section 6.1 of theCriminal Code.
(3) An authorised representative of a financial services licensee commits an offence if:
(a) the representative gives (see subsection (7)) a person a disclosure document or statement, being a Statement of Advice, or information or a statement required by subsection 941C(5), 941C(7), 941D(2), 946B(3), 946B(6) or 946C(2), in circumstances in which the document or statement is required by a provision of this Part to be given to the person; and
(b) the disclosure document or statement is defective.
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
(4) For the purposes of an offence based on subsection (3), strict liability applies to the physical element of the offence specified in paragraph (3)(b).
Note: For strict liability , see section 6.1 of theCriminal Code.
(5) In any proceedings against a person for an offence based on subsection (1) or (3), it is a defence if the person took reasonable steps to ensure that the disclosure document or statement would not be defective.
Note: A defendant bears an evidential burden in relation to the matters in subsection (5). See subsection 13.3(3) of theCriminal Code.
(6) In any proceedings against a person for an offence based on subsection (3), it is a defence if the disclosure document or statement:
(a) was provided to the person by a financial services licensee for whom they were, at that time, an authorised representative; or
(b) was defective because of information, or an omission from information, provided to them by a financial services licensee for whom they were, at that time, an authorised representative.
Note: A defendant bears an evidential burden in relation to the matters in subsection (6). See subsection 13.3(3) of theCriminal Code.
(7) In this section, give means give by any means (including orally), and is not limited to the meaning it has because of section 940C.
952F Offences of financial services licensee knowingly providing defective disclosure material to an authorised representative
(1) For the purposes of this section, a financial services licensee provides disclosure material to an authorised representative of the licensee if:
(a) the licensee authorises the distribution by the representative of a disclosure document or statement, being a Financial Services Guide or a Supplementary Financial Services Guide; or
(b) the licensee provides the representative with a disclosure document or statement, being a Statement of Advice, or information or a statement required by subsection 941C(5), 941C(7), 941D(2), 946B(3), 946B(6) or 946C(2); or
(c) the licensee provides the representative with information:
(i) for the purpose of it being included by the representative in a disclosure document or statement, being a Statement of Advice, or information or a statement required by subsection 941C(5), 941C(7), 941D(2), 946B(3), 946B(6) or 946C(2); or
(ii) knowing that it is likely that it will be so included in such a document.
(2) A financial services licensee commits an offence if:
(a) the licensee provides disclosure material (being a disclosure document or statement) to an authorised representative of the licensee as mentioned in paragraph (1)(a) or (b); and
(b) the licensee knows that the disclosure document or statement is defective.
(3) A financial services licensee commits an offence if:
(a) the licensee provides disclosure material (being information) to an authorised representative of the licensee as mentioned in paragraph (1)(c); and
(b) the licensee knows that, if the information is included by the representative as mentioned in that paragraph, the disclosure document or statement concerned will be defective.
(4) A financial services licensee commits an offence if:
(a) the licensee provides disclosure material (being information) to an authorised representative of the licensee as mentioned in paragraph (1)(c); and
(b) the information relates to a matter or matters, but the licensee knows that it is only some of the information relating to the matter or matters that the disclosure document or statement concerned is required to contain; and
(c) the licensee is reckless as to whether the representative will or may prepare the disclosure document or statement on the basis that the information is all the information relating to the matter or matters that the disclosure document or statement is required to contain.
952G Offences of financial services licensee providing disclosure material to an authorised representative (whether or not known to be defective)
(1) For the purposes of this section, a financial services licensee provides disclosure material to an authorised representative of the licensee if:
(a) the licensee authorises the distribution by the representative of a disclosure document or statement, being a Financial Services Guide or a Supplementary Financial Services Guide; or
(b) the licensee provides the representative with a disclosure document or statement, being a Statement of Advice, or information or a statement required by subsection 941C(5), 941C(7), 941D(2), 946B(3), 946B(6) or 946C(2); or
(c) the licensee provides the representative with information:
(i) for the purpose of it being included by the representative in a disclosure document or statement, being a Statement of Advice, or information or a statement required by subsection 941C(5), 941C(7), 941D(2), 946B(3), 946B(6) or 946C(2); or
(ii) knowing that it is likely that it will be so included in such a document.
(2) A financial services licensee commits an offence if:
(a) the licensee provides disclosure material (being a disclosure document or statement) to an authorised representative of the licensee as mentioned in paragraph (1)(a) or (b); and
(b) the disclosure document or statement is defective in a respect that does not relate to material required to be in the document or statement only because the representative is also the authorised representative of another financial services licensee.
(3) For the purposes of an offence based on subsection (2), strict liability applies to the physical element of the offence specified in paragraph (2)(b).
Note: For strict liability , see section 6.1 of theCriminal Code.
(4) A financial services licensee commits an offence if:
(a) the licensee provides disclosure material (being information) to an authorised representative of the licensee as mentioned in paragraph (1)(c); and
(b) the authorised representative includes the information in the disclosure document or statement concerned; and
(c) the disclosure document or statement is defective because it includes that information (whether or not it is also defective for other reasons).
(5) For the purposes of an offence based on subsection (4), strict liability applies to the physical element of the offence specified in paragraph (4)(c).
Note: For strict liability , see section 6.1 of theCriminal Code.
(6) A financial services licensee commits an offence if:
(a) the licensee provides disclosure material (being information) to an authorised representative of the licensee as mentioned in paragraph (1)(c); and
(b) the information relates to a matter or matters, but it is only some of the information relating to the matter or matters that the disclosure document or statement concerned is required to contain; and
(c) the representative prepares the disclosure document or statement on the basis that the information is all the information relating to the matter or matters that the disclosure document or statement is required to contain; and
(d) the disclosure document or statement is defective because it includes only that information about the matter or matters (whether or not it is also defective for other reasons).
(7) For the purposes of an offence based on subsection (6), strict liability applies to the physical elements of the offence specified in paragraphs (6)(b) and (d).
Note: For strict liability , see section 6.1 of theCriminal Code.
(8) In any proceedings against a person for an offence based on subsection (2), it is a defence if the person took reasonable steps to ensure that the disclosure document or statement would not be defective.
Note: A defendant bears an evidential burden in relation to the matters in subsection (8). See subsection 13.3(3) of theCriminal Code.
(9) In any proceedings against a person for an offence based on subsection (4), it is a defence if the person tookreasonable steps to ensure that the information they provided would not be such as to make the disclosure document or statement defective.
Note: A defendant bears an evidential burden in relation to the matters in subsection (9). See subsection 13.3(3) of theCriminal Code.
(10) In any proceedings against a person for an offence based on subsection (6), it is a defence if the person tookreasonable steps to ensure that the information they provided about the matter or matters would be all the information about the matter or matters that the disclosure document or statement would be required to contain.
Note: A defendant bears an evidential burden in relation to the matters in subsection (10). See subsection 13.3(3) of theCriminal Code.
952H Offence of financial services licensee failing to ensure authorised representative gives disclosure documents or statements as required
A financial services licensee commits an offence if the licensee does not take reasonable steps to ensure that an authorised representative of the licensee:
(a) complies with their obligations under this Part to give disclosure documents or statements as and when required; and
(b) without limiting paragraph (a), does not, in purported compliance with obligations under this Part, give disclosure documents or statements that are defective.
952I Offences if a Financial Services Guide (or Supplementary FSG) does not comply with certain requirements
(1) A financial services licensee commits an offence if:
(a) the licensee:
(i) gives (see subsection (6)) a person a Financial Services Guide in circumstances in which it is required by a provision of this Part to be given to the person; or
(ii) gives (see subsection (6)), or makes available to, a person a Financial Services Guide, reckless as to whether the person will or may rely on the information in it; and
(b) the Financial Services Guide does not comply with section 942A, subsection 942B(5) or paragraph 942E(b).
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
(2) A financial services licensee commits an offence if:
(a) the financial services licensee authorises the distribution ofa Financial Services Guide by an authorised representative of the licensee; and
(b) the Financial Services Guide does not comply with section 942A, subsection 942B(5) or paragraph 942E(b).
(3) A financial services licensee commits an offence if:
(a) the licensee:
(i) gives (see subsection (6)) a person a Supplementary Financial Services Guide in circumstances in which it is required by a provision of this Part to be given to the person; or
(ii) gives (see subsection (6)), or makes available to, a person a Supplementary Financial Services Guide, reckless as to whether the person will or may rely on the information in it; and
(b) the Supplementary Financial Services Guide does not comply with section 943B or 943C.
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
(4) A financial services licensee commits an offence if:
(a) the financial services licensee authorises the distribution ofa Supplementary Financial Services Guide by an authorised representative of the licensee; and
(b) the Supplementary Financial Services Guide does not comply with section 943B or 943C.
(5) For the purposes of an offence based on subsection (1), (2), (3) or (4), strict liability applies to paragraph (b) of that subsection.
Note: For strict liability , see section 6.1 of theCriminal Code.
(6) In this section, give means give by any means (including orally), and is not limited to the meaning it has because of section 940C.
952J Offence if a Statement of Advice does not comply with certain requirements
(1) A financial services licensee, or an authorised representative of a financial services licensee, commits an offence if:
(a) the licensee or representative gives (see subsection (3)) a person a Statement of Advice in circumstances in which it is required by a provision of this Part to be given to the person; and
(b) the Statement of Advice does not comply with section 947A.
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
(2) For the purposes of an offence based on subsection (1), strict liability applies to paragraph (b) of that subsection.
Note: For strict liability , see section 6.1 of theCriminal Code.
(3) In this section, give means give by any means (including orally), and is not limited to the meaning it has because of section 940C.
952K Offence if authorised representative gives out unauthorised Financial Services Guide (or Supplementary FSG)
An authorised representative of a financial services licensee commits an offence if:
(a) the representative:
(i) gives a person a Financial Services Guide, or a Supplementary Financial Services Guide, in circumstances in which it is required by a provision of this Part to be given to the person; or
(ii) gives, or makes available to, a person a Financial Services Guide, or a Supplementary Financial Services Guide, reckless as to whether the person will or may rely on the information in it; and
(b) the licensee has not authorised the distribution by the representative of the Financial Services Guide or the Supplementary Financial Services Guide.
Note: A defendant bears an evidential burden in relation to the matters in subsections 941C(1), (2) and (3). See subsection 13.3(3) of theCriminal Code.
952L Offences if financial services licensee or authorised representative becomes aware that a Financial Services Guide (or Supplementary FSG) is defective
(1) A financial services licensee commits an offence if:
(a) the licensee has authorised an authorised representative of the licensee to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and
(b) the licensee becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and
(c) the licensee does not, as soon as practicable, give the representative a direction that satisfies one or more of the following subparagraphs:
(i) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide;
(ii) a direction not to distribute the Financial Services Guide unless it is accompanied by a Supplementary Financial Services Guide that corrects the deficiency;
(iii) a direction not to distribute the Financial Services Guide or the Supplementary Financial Services Guide without first altering it in a way that is specified in the direction, being a way that corrects the deficiency and that complies with section 942E or 943F.
(2) An authorised representative commits an offence if:
(a) the representative is given a direction under subsection (1); and
(b) the representative does not comply with the direction.
(3) An authorised representative of a financial services licensee commits an offence if:
(a) the licensee has authorised the representative to distribute a Financial Services Guide or a Supplementary Financial Services Guide; and
(b) the representative becomes aware that the Financial Services Guide, or the Supplementary Financial Services Guide, is defective; and
(c) the representative does not, as soon as practicable, notify the licensee of the particulars of the deficiency.
(4) In this section, a reference to distributing a Financial Services Guide or a Supplementary Financial Services Guide includes (but is not limited to) giving or reading the document or statement to another person in purported compliance with a requirement of this Part.
952M Offence of unauthorised alteration of Financial Services Guide or Supplementary Financial Services Guide
A person commits an offence if:
(a) the person engages in conduct that results in an alteration of a Financial Services Guide or a Supplementary Financial Services Guide that:
(i) has been prepared by or on behalf of a particular financial services licensee; or
(ii) the distribution of which by the person has been authorised by a particular financial services licensee; and
(b) the alteration results in the Financial Services Guide or Supplementary Financial Services Guide becoming defective, or more defective than it previously was; and
(c) the alteration is not made with the authority of the licensee; and
(d) the person, in purported compliance with a provision of this Part, gives the altered Financial Services Guide or Supplementary Financial Services Guide to another person.
Subdivision B - Civil liability
953A Definitions
(1) In this Subdivision:
defective , in relation to a disclosure document or statement, means:
(a) if the disclosure document or statement isa Financial Services Guide, a Supplementary Financial Services Guide, or is information or a statement required by subsection 941C(5), 941C(7) or 941D(2):
(i) there is a misleading or deceptive statement in the disclosure document or statement; or
(ii) if it isa Financial Services Guide - there is an omission from the Financial Services Guide of material required by section 942B or 942C; or
(iii) if it is a Supplementary Financial Services Guide that is given for the purposes of paragraph 941F(d) - there is an omission from the Supplementary Financial Services Guide of material required by that paragraph; or
(iv) if it is information or a statement required by subsection 941C(5), 941C(7) or 941D(2) - there is an omission from the document or statement of material required by that subsection; or
(b) if the disclosure document or statement is a Statement of Advice, or is information or a statement required by subsection 946B(3), 946B(6) or 946C(2) or by section 950D or 950E:
(i) there is a misleading or deceptive statement in the disclosure document or statement; or
(ii) if it is a Statement of Advice - there is an omission from the Statement of Advice of material required by section 947B, 947C or 947D; or
(iii) if it is information or a statement required by subsection 946B(3), 946B(6) or 946C(2) or by section 950D or 950E - there is an omission from the information or statement of material required by that subsection or section.
Note: In determining whether a Financial Services Guide is defective, the effect of section 943D must be taken into account (section 943D takes information and statements in a Supplementary Financial Services Guide to be included in the Financial Services Guide it supplements).
disclosure document or statement means:
(a) a Financial Services Guide; or
(b) a Supplementary Financial Services Guide; or
(c) a Statement of Advice; or
(d) information or a statement required by subsection 941C(5), 941C(7), 941D(2), 946B(3), 946B(6) or 946C(2) or by section 950D or 950E.
(2) In this Subdivision, a reference (including in the definitions in subsection (1)) to a document or statement of a kind referred to in a paragraph of the definition of disclosure document or statement in subsection (1) includes a reference to something purporting to be a document or statement of that kind.
953B Civil action for loss or damage
(1) This section applies in the following situations:
(a) a person:
(i) is required by a provision of this Part to give another person (the client ) a disclosure document or statement (the required disclosure document or statement ); and
(ii) does not give (within the meaning of section 940C) the client anything purporting to be the required disclosure document or statement by the time they are required to do so; or
(b) a person:
(i) gives another person (the client ) a disclosure document or statement that is defective in circumstances in which a disclosure document or statement is required by a provision of this Part to be given to the client; or
(ii) is a financial services licensee and gives, or makes available to, another person (the client ) a disclosure document or statement, being a Financial Services Guide or a Supplementary Financial Services Guide, that is defective, reckless as to whether the client will or may rely on the information in it; or
(c) a person contravenes section 945A, 945B, 949A, 949B, 950B or 950C.
In paragraph (b), give means give by any means (including orally), and is not limited to the meaning it has because of section 940C.
(2) In a situation to which this section applies, if a person suffers loss or damage:
(a) if paragraph (1)(a) applies - because the client was not given the disclosure document or statement that they should have been given; or
(b) if paragraph (1)(b) applies - because the disclosure document or statement the client was given was defective; or
(c) if paragraph (1)(c) applies - because of the contravention referred to in that paragraph;
the person may, subject to subsection (6), recover the amount of the loss or damage by action against the, or a, liable person (see subsections (3) and (4)), whether or not that person (or anyone else) has been convicted of an offence in respect of the matter referred to in paragraph (a), (b) or (c).
(3) For the purposes of subsection (2), the, or a, liable person is:
(a) if the person first-referred to in paragraph (1)(a), (b) or (c) is a financial services licensee or a member of a declared professional body - subject to subsection (4), that person; or
(b) if the person first-referred to in paragraph (1)(a), (b) or (c) is an authorised representative of only one financial services licensee - that financial services licensee; or
(c) if the person first-referred to in paragraph (1)(a), (b) or (c) is an authorised representative of more than one financial services licensee:
(i) if, under the rules in section 917C, one of those licensees is responsible for the person’s conduct - that licensee; or
(ii) if, under the rules in section 917C, 2 or more of those licensees are jointly and severally responsible for the person’s conduct - each of those licensees.
(3A) For the purposes of paragraph (3)(c):
(a) section 917C is taken to apply, despite section 917F; and
(b) section 917D is taken not to apply.
(4) If:
(a) paragraph (1)(b) applies; and
(b) an alteration was made to the disclosure document or statement before it was given to the client; and
(c) the alteration made the disclosure document or statement defective, or more defective than it would otherwise have been; and
(d) the alteration was not made by, or with the authority of, the person who would, but for this subsection, be the liable person because of paragraph (3)(a);
then, so far as a person has suffered loss or damage because the disclosure document or statement was defective because of the alteration, the liable person is the person who made the alteration, rather than the person referred to in paragraph (d).
(5) An action under subsection (2) may be begun at any time within 6 years after the day on which the cause of action arose.
(6) A person is not liable under subsection (2) in a situation described in paragraph (1)(b) if the person took reasonable steps to ensure that the disclosure document or statement would not be defective.
(7) This section does not affect any liability that a person has under any other law.
953C Additional powers of court to make orders
(1) The court dealing with an action under subsection 953B(2) may, in addition to awarding loss or damage under that subsection and if it thinks it necessary in order to do justice between the parties:
(a) make an order declaring void a contract entered into by the client referred to in that subsection for or relating to a financial product or a financial service; and
(b) if it makes an order under paragraph (a) - make such other order or orders as it thinks are necessary or desirable because of that order.
(2) Without limiting paragraph (1)(b), an order under that paragraph may include an order for the return of money paid by a person, and/or an order for payment of an amount of interest specified in, or calculated in accordance with, the order.