New South Wales Consolidated Regulations

HOME BUILDING REGULATION 2014 - REG 62ZZE

62ZZE False or misleading conduct by providers and certain intermediaries

(1) In this clause--

"intermediary" means--

(a) a person who arranges for alternative indemnity product cover in New South Wales--

(i) for reward, or

(ii) as an agent for a person carrying on a business of providing alternative indemnity product cover, or

(b) a financial services licensee (as defined in section 761A of the Corporations Act 2001 of the Commonwealth) whose licence covers arranging for alternative indemnity product cover as an agent for a person carrying on a business of providing alternative indemnity product cover.

"provider" has the same meaning as in Part 6B of the Act.

Note--: Section 104 of the Act defines
"provider" of an alternative indemnity product as a person who provides an alternative indemnity product and includes the trustee of any fidelity fund under a fidelity fund scheme.

(2) A provider or an intermediary must not make a representation with respect to any alternative indemnity product (whether by means of an advertisement or otherwise) that could reasonably be expected to cause a person to believe that the alternative indemnity product meets the requirements of the Act and this regulation, unless the alternative indemnity product cover met those requirements.

(3) A provider or intermediary who contravenes this clause is guilty of an offence.

: Maximum penalty--200 penalty units in the case of a corporation and 100 penalty units in any other case.