Requirements relating to provisional relevant providers
(1) This section sets out the requirements in relation to a person who is a provisional relevant provider. Meaning of supervisor (2) A supervisor of a provisional relevant provider is an individual who: (a) has supervisory responsibility for the provisional relevant provider; and (b) is a relevant provider; and (c) is not a provisional relevant provider; and (d) is not a limited‑service time‑sharing adviser. Role of supervisors (3) A supervisor of a provisional relevant provider must ensure that appropriate supervision is provided to the provisional relevant provider. (4) A supervisor of a provisional relevant provider must approve, in writing, any Statement of Advice provided by the provisional relevant provider to a retail client. Personal advice provided by provisional relevant providers (5) For the purposes of this Act, personal advice provided (whether orally or in writing) by a provisional relevant provider at a particular time to a retail client in relation to a relevant financial product is taken to have been provided to the client by each person who is, at that time, a supervisor of the provisional relevant provider (instead of by the provisional relevant provider). Retail clients to be informed of certain matters (6) A supervisor of a provisional relevant provider must ensure that a retail client is informed: (a) of the name of each supervisor of the provisional relevant provider (even if the retail client has been informed of the name of each previous supervisor); and (b) that the provisional relevant provider is undertaking work and training in accordance with subsection 921B(4); and (c) that each supervisor is responsible for any personal advice provided by the provisional relevant provider to the client in relation to a relevant financial product. Provisional relevant providers not to obstruct or hinder supervision (7) A provisional relevant provider must not obstruct or hinder a supervisor of the provisional relevant provider in ensuring that appropriate supervision is provided to the provisional relevant provider. Civil liability (8) A person contravenes this subsection if the person contravenes subsection (3), (4), (6) or (7). Note 1: Subsection (8) is a restricted civil penalty provision (see sections 921Q and 1317E). Note 2: ASIC or a Financial Services and Credit Panel may take certain other action against a relevant provider who contravenes subsection (3), (4), (6) or (7) (see Division 8B).
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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