Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 3 - Charging ongoing fees to clients  

Subdivision C - Consent required for deduction of ongoing fees from accounts  

SECTION 962U   VARIATION OR WITHDRAWAL OF CONSENT  

962U(1)  
If a person (the account holder ) who holds an account gives consent to a fee recipient under section 962R or 962S for the purposes of this Subdivision, the account holder may:

(a)  withdraw the consent at any time, by notice in writing to the fee recipient; and

(b)  vary the consent at any time, by notice in writing to the fee recipient.

962U(2)  
If the fee recipient receives a notice from the account holder under subsection (1) , the fee recipient must within 10 business days of receipt:

(a)  give written confirmation to the account holder that the notice was received; and

(b)  if the fee recipient gave a copy of the account holder ' s consent to an account provider under paragraph 962S(3)(c) - give the account provider a copy of the notice.

962U(3)  
A person contravenes this subsection if the person contravenes subsection (2) .

Note: This subsection is a civil penalty provision (see section 1317E ).


 

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