Certain general advice that does not attract remuneration etc.
7.1.33G Certain general advice that does not attract remuneration etc.
For subsection 766A(2) of the Act, a person (the advisor) is taken not to provide a financial service if:
the advisor gives advice to another person; and
the advice:
is not about a particular financial product or an interest in a particular financial product; and
is not personal advice; and
the advice:
is not intended to influence the other person in making a decision in relation to a particular financial product or an interest in a particular financial product; or
could not reasonably be regarded as being intended to have such an influence; and
by giving the advice neither the advisor, nor an associate of the advisor, receives any remuneration (including commission) or other benefit that is related to the advice given apart from remuneration (including commission) or other benefit that the advisor or the associate would have received if the advice was not given.
This Act’s bill:Explanatory statement
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