Corporations Act 2001
If a financial services licensee is responsible for the conduct of their representative under this Division, the client has the same remedies against the licensee that the client has against the representative.917F(2) [ Joint and several liability]
The licensee and the representative (along with any other licensees who are also responsible) are all jointly and severally liable to the client in respect of those remedies.917F(3) [ Limitation]
(a) any criminal responsibility; or
(b) any civil liability under a provision of this Act apart from this Division;
on a financial services licensee that would not otherwise be imposed on the licensee.917F(4) [ Liability not relieved by Division]
This Division does not relieve a representative of a financial services licensee of any liability they have to the client or the licensee.917F(5) [ Agreement void] 917F(6) [ Limitation]
(a) provides for a representative of a financial services licensee to indemnify the licensee for a liability of the licensee in respect of the representative; or
(b) provides for a financial services licensee, for whom a representative acts, to indemnify another financial services licensee for a liability in respect of the representative. 917F(7) [ Offer to make void agreement]
A financial services licensee must not make, or offer to make, an agreement that is, or would be, void under subsection (5).
[ CCH Note: The next Division is Div 8.]
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.