Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation is made for the purposes of section 962X of the Act.
(2) A fee recipient must keep the following records in relation to an ongoing fee arrangement the fee recipient has with the client:
(c) if the client gives any of the following notifications to the fee recipient--the notification and the date on which the notification was given:
(i) a notification of an election to renew the ongoing fee arrangement;
(ii) a notification of an election not to renew the ongoing fee arrangement;
(iii) a notification terminating the ongoing fee arrangement;
(ca) each consent given by the client to enter into or renew an ongoing fee arrangement for the purposes of section 962G of the Act;
(cb) the matters disclosed to the client under subsection 962G(2) of the Act;
(d) if the ongoing fee arrangement has terminated--the date on which the arrangement terminated and the basis on which the arrangement terminated.
(3) A fee recipient must also keep the following records in relation to an ongoing fee arrangement:
(a) each consent for deductions relating to the ongoing fee arrangement given to the fee recipient for the purposes of section 962R or 962S of the Act;
(b) the date on which each such consent was given;
(ba) the matters set out in section 962T of the Act;
(c) each notice given to the fee recipient under subsection 962U(1) of the Act withdrawing or varying such consent;
(d) the date on which each such notice was given;
(e) each confirmation of receipt of such notice given by the fee recipient under subsection 962U(2) of the Act;
(f) each of the following communications in relation to the consent referred to in paragraph (a), and the date on which the communication occurred:
(i) giving a copy of the consent as required under paragraph 962S(3)(c) of the Act;
(ii) giving a copy of a notice withdrawing or varying the consent as required under paragraph 962U(2)(b) of the Act;
(iii) giving written notice of the cessation of the consent under subsection 962V(2) of the Act;
(g) if the fee recipient arranges with another person (the account provider ) for deductions relating to the ongoing fee arrangement to be made, as referred to in paragraph 962S(1)(d) of the Act--the details of the arrangement with the account provider.