CORPORATIONS ACT 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.3 - REGULATION OF FEES CHARGED BY LICENSED TRUSTEE COMPANIES  

Division 1 - Disclosure of fees  

SECTION 601TAB   DISCLOSURE TO CLIENTS OF CHANGED FEES  

601TAB(1)   [ Where fees changed]  

If, while a licensed trustee company continues to provide a particular traditional trustee company service to a client or clients, the trustee company changes the fees that it will charge for the provision of the service, the trustee company must, within 21 days of the change of fees taking effect, comply with paragraph (a) or (b) in relation to the client or each client:


(a) if the client has requested to be sent copies of changed fees - send the client a copy of the changed fees in accordance with subsection (2); or


(b) in any other case - directly notify the client, in writing, that the changed fees are available on the internet on a specified website maintained by or on behalf of the trustee company.

Note 1: Initial disclosure to a client of the fees that a trustee company will charge for the provision of a trustee company service will generally occur through the provision to the client of a Financial Services Guide under Part 7.7 . However, this section is not limited just to situations where there has been an initial disclosure through a Financial Services Guide.

Note 1A: Other provisions in this Part and in the regulations limit the ability of licensed trustee companies to increase fees.

Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

601TAB(2)   [ Format of changed fees sent]  

A copy of changed fees that is sent to a client under paragraph (1)(a) must be:


(a) an electronic copy, if that is what the client has requested; or


(b) a hard copy, in any other case.

601TAB(3)   [ Client under a legal disability]  

If a client to whom a traditional trustee company service is provided is under a legal disability, the following provisions have effect:


(a) a copy of changed fees required by paragraph (1)(a), or a notice required by paragraph (1)(b), must instead be given to an agent of the client;


(b) a request referred to in paragraph (1)(a) or (2)(a) may instead be made by an agent of the client.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.