Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 8B - Compliance schemes  

Subdivision A - Compliance schemes to cover relevant providers  

SECTION 921G   MEANING OF COMPLIANCE SCHEME  

921G(1)  
A

compliance scheme
is a scheme:


(a) that meets the requirements of this section; and


(b) under which compliance with the Code of Ethics by relevant providers covered by the scheme is monitored and enforced.

Monitoring body of compliance scheme

921G(2)  
A monitoring body for a compliance scheme must monitor and enforce compliance with the Code of Ethics by any relevant provider covered by the scheme.

921G(3)  
A monitoring body for a compliance scheme must not be:


(a) a financial services licensee; or


(b) an associate of a financial services licensee.

921G(4)  
A compliance scheme must name the monitoring body for the scheme. Disputes and complaints

921G(5)  
A compliance scheme must set out how a dispute is to be resolved between the monitoring body for the scheme and a relevant provider covered by the scheme.

921G(6)  
A compliance scheme must set out how a person may make a complaint to the monitoring body for the scheme in relation to a failure to comply with, or possible failure to comply with, the Code of Ethics by a relevant provider covered by the scheme. Name of compliance scheme

921G(7)  
A compliance scheme must have a name.


 

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