CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 1 - Preliminary  

SECTION 960   960   DEFINITIONS  

In this Part:

asset-based fee
has the meaning given by section 964F .

basic banking product
has the meaning given by section 961F .

benefit ratio
, for a benefit given to a financial services licensee, or a representative of a financial services licensee, in relation to a life risk insurance product, or life risk insurance products, for a year, has the meaning given by subsection 963B(3A) .

conflicted remuneration
has the meaning given by section 963A , as affected by sections 963AA , 963B , 963C and 963D .

consumer credit insurance
has the same meaning as in the Insurance Contracts Act 1984 .

custodian
, in relation to a registrable superannuation entity, has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

disclosure day
has the meaning given by section 962J .

fee disclosure statement
has the meaning given by subsection 962H(1) .

fee recipient
has the meaning given by section 962C .

group life policy for members of a superannuation entity
has the meaning given by subsection 963B(2) .

life policy for a member of a default superannuation fund
has the meaning given by subsection 963B(3) .

ongoing fee
has the meaning given by section 962B .

ongoing fee arrangement
has the meaning given by section 962A .

policy cost
, for a life risk insurance product, or life risk insurance products, for a year has the meaning given by subsections 963B(3B) and (3C) .

reasonable investigation
has a meaning affected by section 961D .

reasonably apparent
:

(a) in Division 2 - has the meaning given by section 961C ; and

(b) in Subdivision B of Division 5 - has the meaning given by section 964H .

registrable superannuation entity
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

regulated superannuation fund
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

renewal notice
has the meaning given by subsection 962K(2) .

renewal notice day
has the meaning given by subsection 962L(1) .

renewal period
has the meaning given by subsection 962L(2) .

representative
of a financial services licensee has the same meaning as in Part 7.6 (see section 910A ).

responsible licensee
, in relation to a contravention of a provision of this Part, has the meaning given by section 961P .

RSE licensee
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

volume-based shelf-space fee
has a meaning affected by section 964A .