Product Disclosure Statement not required for certain specified products
7.9.07FA Product Disclosure Statement not required for certain specified products
For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if section 1012D of the Act were modified by inserting the following subsection after subsection 1012D(7):
‘Recommendation, issue or sale situation—when Product Disclosure Statement not required
In a recommendation situation, an issue situation or a sale situation, the regulated person does not have to give the client a Product Disclosure Statement for the financial product if:
the product is:
a basic deposit product; or
a facility for making non‑cash payments (see section 763D) that is related to a basic deposit product; or
a traveller’s cheque; and
the regulated person has provided information about the cost of the product (if any) to the client; and
the regulated person has informed the client as to whether or not any amounts will or may be payable by the holder of the product, in respect of the product, after its acquisition; and
if the product is a protected account under the Banking Act 1959—the regulated person has informed the client that:
the account‑holder may be entitled to payment under the financial claims scheme; and
payments under the scheme are subject to a limit for each depositor; and
information about the financial claims scheme can be obtained from the APRA website at http://www.fcs.gov.au; and
the regulated person has asked the client whether or not the client would like further information about the amounts mentioned in paragraph (c); and
if the client indicates that the client would like the further information about the amounts mentioned in paragraph (c)—the regulated person has provided that information.’.
This Act’s bill:Explanatory statement
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.