7.9.08A
CurrentDealing with interest
Chapter 7Financial services and markets
Part 7.9Financial product disclosure and other provisions relating to issue and sale of financial products
Division 3Dealing with money received for financial product before the product is issued
7.9.08A Dealing with interest
For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if section 1017E of the Act were modified by adding after subsection 1017E(2C):
‘(2D) In relation to money to which this section applies:
(a)
the product provider is entitled to the interest on the account; and
(b)
the interest on the account is not required to be paid into the account;
only if the product provider discloses to the person who paid the money that the product provider is keeping the interest (if any) earned on the account.’.
This Act’s bill:Explanatory statement
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