Corporations Act 2001
This section applies if:
(a) a monetary or non-monetary benefit is given to a financial services licensee, or a representative of a financial services licensee; and
(b) the benefit is in whole or in part remuneration for work carried out, or to be carried out, by the licensee or representative:
(i) as an agent or employee of an Australian ADI; or
(ii) in otherwise acting by arrangement with an Australian ADI under the name of the Australian ADI.
(a) access to the benefit, or the amount of the benefit, is in whole or in part dependent on the licensee or representative recommending:
(i) a basic banking product; or
(ii) a general insurance product; or
(iii) consumer credit insurance; and
(b) the licensee or representative does not, in the course of recommending any, or any combination, of those products give other financial product advice that does not relate to any of those products;
to the extent that the benefit relates to the recommendation of any, or any combination of, the products mentioned in paragraph (a), the benefit is not conflicted remuneration .963D(3)
The regulations may prescribe circumstances in which, despite subsection (2), all or part of a benefit is to be treated as conflicted remuneration. 963D(4)
This section applies despite section 963A and any regulations made for the purposes of section 963AA .
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