CS 20 Proposed remake of basic deposit and general insurance product distribution legislative instrument

CS 20 Proposed remake of basic deposit and general insurance product distribution legislative instrument

Released 28 May 2025. Comments close 25 June 2025.

ob体育 proposes to remake a legislative instrument that provides certain relief for Australian financial services (AFS) licensees.听

, which provides relief from the requirement for an AFS licensee to appoint a distributor of a basic deposit product or general insurance product as its authorised representative, is scheduled to end on 1鈥疧ctober 2025.鈥�听

We have assessed that this instrument is generally operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework.鈥�听

A consultation paper was not issued for this consultation.听

Providing feedback听

We invite feedback on our proposal. You should send your submission to [email protected] by 5 pm AEST on Wednesday 25 June 2025.鈥赌�听

You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous, we will not be able to contact you to discuss your feedback should we need to.听

We will not treat your feedback as confidential unless you specifically request that we treat the whole or part of it (such as any personal or financial information) as confidential.听

Please see our privacy policy for more information on how we handle personal information, your rights to seek access to and correct personal information, and your right to complain about breaches of privacy by ob体育.听

Background听

commenced on 5 October 2021. This relief was previously provided under two separate class orders: Class Order [闭鈥�Agency banking and Class Order [闭鈥�General insurance distributors.听

The relief provided by ob体育 Instrument 2015/682 does not remove or reduce any of the consumer protection obligations imposed on AFS licensees by the Corporations Act 2001. This ensures that consumers who access basic deposit or general insurance products offered under the relief have the same protections they would have received had they dealt directly with the provider.鈥�听

ob体育