Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsGiving information in relation to life risk insurance products
(1) A benefit given to a financial services licensee, or a representative of a financial services licensee, is conflicted remuneration if:
(a) the benefit is given to the licensee or representative in relation to information given to a person, or persons, in relation to a life risk insurance product, or life risk insurance products; and
(b) access to the benefit, or the value of the benefit, is dependent on:
(i) the value of a life risk insurance product, or life risk insurance products, subsequently acquired by a person or persons to whom, or in relation to whom, the information is given; or
(ii) the value of a life risk insurance product, or life risk insurance products, subsequently varied that are held by a person or persons to whom, or in relation to whom, the information is given; or
(iii) the number of life risk insurance products subsequently acquired by a person or persons to whom, or in relation to whom, the information is given; or
(iv) the number of life risk insurance products subsequently varied that are held by a person or persons to whom, or in relation to whom, the information is given; and
(c) the information is not given in the course of, or as a result of, the licensee or representative, or an associate of the licensee or representative, providing financial product advice; and
(d) if the information is given in the course of providing a financial product--the information is not given in the course of providing that product to a person as a wholesale client, or to persons as wholesale clients.
Dealing in life risk insurance products
(2) A benefit given to a financial services licensee, or a representative of a financial services licensee, is conflicted remuneration if:
(a) the benefit is given to the licensee or representative in relation to a dealing in a life risk insurance product with a person as a retail client, or dealings in life risk insurance products with persons as retail clients; and
(b) access to the benefit, or the value of the benefit, is dependent on:
(i) the value of the life risk insurance product to which the dealing relates, or the life risk insurance products to which the dealings relate; or
(ii) the number of life risk insurance products to which the dealings relate; and
(c) the dealing, or dealings, do not occur in the course of, or as a result of, the licensee or representative, or an associate of the licensee or representative:
(i) providing financial product advice; or
(ii) giving information in circumstances in which the benefit would be conflicted remuneration under subregulation (1).