(1) The current fee recipient in relation to an ongoing fee arrangement must, no later than 60 days after the anniversary day for the arrangement in each year, give the client a fee disclosure statement for the arrangement and the anniversary day.
(2) The regulations may provide that subsection (1) does not apply in a particular situation.
(3) Anniversary day , for an ongoing fee arrangement, means the anniversary of the day on which the arrangement was entered into.
Note: Section 1673C provides a modified meaning of anniversary day in relation to ongoing fee arrangements in force before 1 July 2021.
Civil penalty
(4) A person contravenes this subsection if the person contravenes subsection (1).
Note: This subsection is a civil penalty provision (see section
1317E).