Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.7.06

Financial Services Guide given by authorised representative of financial services licensee: description of documents

             (1)  For paragraph 942C(2)(m) of the Act, the Financial Services Guide given by an authorised representative must include a statement that:

                     (a)  describes the purpose and content of the Financial Services Guide; and

                     (b)  if appropriate:

                              (i)  informs the client that the client may also receive either or both of a Statement of Advice and a Product Disclosure Statement; and

                             (ii)  describes the purpose and content of those documents.

             (2)  In describing the purpose and content of the Financial Services Guide as mentioned in subregulation (1), the client's attention must be drawn to the following matters:

                     (a)  the Guide is designed to assist the client in deciding whether to use any of the services offered in the Guide;

                     (b)  the Guide contains information about remuneration that may be paid to the authorised representative and other relevant persons in relation to the services offered;

                     (c)  the Guide contains information on how complaints against the authorised representative are dealt with.

             (3)  In describing the purpose and content of a Statement of Advice or Product Disclosure Statement, the client's attention must be drawn to a description of the circumstances in which the Statement of Advice or Product Disclosure Statement will be given.

             (4)  Subregulations (2) and (3) do not prevent the statement required under subregulation (1) from drawing attention to other matters relating to the purpose and content of the Financial Services Guide, the Statement of Advice or the Product Disclosure Statement .

             (5)  The statement required under subregulation (1) must be:

                     (a)  presented in a manner that is easy for the client to understand; and

                     (b)  displayed prominently in the Financial Services Guide.

             (6)  A statement is displayed prominently if it:

                     (a)  appears at, or close to, the front of the Financial Services Guide; and

                     (b)  stands out from the other information contained in the Guide.

Note:          Ideally, the statement should be placed:

(a)    on the inside cover or inside facing page of a paper-based Financial Services Guide form; or

(b)    in an equivalent position of a Financial Services Guide that is not provided in a paper-based form.



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