Products for which a Statement of Advice is not required
7.7.10 Products for which a Statement of Advice is not required
For paragraph 946B(5)(c) of the Act, the following are prescribed:
a deposit product that is a facility in relation to which:
there is no minimum period before which funds cannot be withdrawn or transferred from the facility without a reduction in the return generated for the depositor; or
if there is such a period, it expires on or before the end of the period of 2 years starting on the day on which funds were first deposited in the facility;
travellers’ cheques;
a cash management trust interest;
a motor vehicle insurance product (see regulation 7.1.11);
a home building insurance product (see regulation 7.1.12);
a home contents insurance product (see regulation 7.1.13);
a travel insurance product (see regulation 7.1.16);
a personal and domestic property insurance product (see regulation 7.1.17);
a general insurance product prescribed by regulations made for the purposes of subparagraph 761G(5)(b)(viii) (see regulation 7.1.17A).
This Act’s bill:Explanatory statement
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