Application for relief – Insurance Council of Australia
As a result of regulatory relief given to Australia Post by the Government, ASIC has issued a no-action position in relation to breaches of the following provisions of the Corporations Act 2001 (Corporations Act) and Corporations Regulations 2001 (Corporations Regulations):
- section 941D of the Corporations Act – the requirement to provide a Financial Services Guide within five business days of advice being provided in time-critical circumstances
- section 1012G of the Corporations Act – the requirement to provide a Product Disclosure Statement within five business days of a product being issued in time-critical circumstances
- regulation 7.9.15C(5)(b)(i) of the Corporations Regulations – the requirement to provide a document containing dollar disclosure within five business days of a general insurance product being issued.
This no-action position applies in certain circumstances and subject to the conditions outlined in ASIC’s letter to the Insurance Council of Australia. This no-action position will cease when the regulatory relief given to Australia Post expires.