Retail clients and wholesale clients: life risk insurance and other risk‑based financial products
7.1.25 Retail clients and wholesale clients: life risk insurance and other risk‑based financial products
This regulation makes arrangements about the value of a risk‑based financial product.
Paragraph 761G(7)(a) of the Act does not apply to a risk‑based financial product.
Under paragraph 761G(7)(a) of the Act, if a financial product is not, or a financial service provided to a person does not relate to, a general insurance product, a superannuation product or an RSA, the financial product or financial service is provided to the person as a retail client unless the price for the provision of the financial product, or the value of the financial product to which the financial service relates, equals or exceeds the amount specified in regulations made for the purposes of that paragraph as being applicable in the circumstances.
Under paragraph 761G(10)(a) of the Act, the regulations may also deal with how a price or value referred to in that paragraph is to be calculated, either generally or in relation to a specified class of financial products.
Under paragraph 761G(10)(b) of the Act, the regulations may also modify the way in which paragraph 761G(7)(a) applies in particular circumstances.
This Act’s bill:Explanatory statement
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