Commonwealth Consolidated Regulations

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School banking

             (1)  For paragraph 766A(2)(b) of the Act, a person is taken not to provide a financial service if:

                     (a)  the service is:

                              (i)  arranging for the issue, or the acquisition, of a school banking product; or

                             (ii)  the provision of general advice intended to influence a decision in relation to a school banking product; and

                     (b)  the person:

                              (i)  is employed by a school; or

                             (ii)  provides the service on behalf of a school; and

                     (c)  the person does not receive any financial benefit for the provision of the service; and

                     (d)  the Product Disclosure Statement for the product discloses any commissions or other benefits that the school might receive in connection with the issue of the product.

             (2)  In this regulation:

"school banking product" means a basic deposit product, issued by an ADI in the following circumstances:

                     (a)  it is offered for issue to pupils at a school;

                     (b)  there is no regular account keeping fee charged for the product.

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