Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 962G

Requirements for consent

  (1)   A written consent given in relation to an ongoing fee arrangement complies with the requirements in this section if:

  (a)   before obtaining the consent, the fee recipient disclosed to the client, in writing, the matters set out in subsection   (2); and

  (b)   the consent is for:

  (i)   the ongoing fee arrangement to be entered into, or renewed (as the case requires); and

  (ii)   the ongoing fees disclosed as required under paragraph   (2)(e) to be charged to the client; and

  (c)   the consent is signed by the client; and

  (d)   the consent is dated; and

  (e)   the fee recipient has the consent or a copy of the consent.

  (2)   The matters that must be disclosed are as follows:

  (a)   the name and contact details of the person who is the fee recipient under the ongoing fee arrangement;

  (b)   an explanation of why the fee recipient is seeking the consent;

  (c)   the maximum period until the consent will cease to have effect under section   962H;

  (d)   information about the services that the client will be entitled to receive under the arrangement during that period;

  (e)   for each ongoing fee that the client will be required to pay under the arrangement during that period:

  (i)   the amount of the fee; or

  (ii)   if the amount of the fee cannot be determined at the time of disclosure, a reasonable estimate of the amount of the ongoing fee and an explanation of the method used to work out the estimate;

  (f)   the frequency of the ongoing fees during that period;

  (g)   a statement that the ongoing fee arrangement can be terminated by the client at any time;

  (h)   a statement that the arrangement will terminate, and no further advice will be provided or fee charged under it, if the consent is not given;

  (i)   the date on which the arrangement will terminate if the consent is not given;

  (j)   information about any other matters prescribed by the regulations.



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