Section 924A — Corporations Act 2001 (Cth)

(1) Subdivision B applies to an agreement entered into by a person (in this section and Subdivision B called the non‑licensee) and another person (in this section and Subdivision B called the client) (not being a financial services licensee) that constitutes, or relates to, the provision of a financial service by the non‑licensee if:

(a) the agreement is entered into in the course of a financial services business carried on by the non‑licensee; and

(b) the non‑licensee does not hold an Australian financial services licence covering the provision of the financial service, and is not exempt from the requirement to hold such a licence.

Note: It does not matter whether the financial service is provided to the client as a wholesale client or as a retail client.

(2) Subdivision B applies to the agreement whether or not anyone else is a party to the agreement.

Related sections

• s 923A — Restriction on use of certain words or expressions
• s 923B — Restriction on use of certain words or expressions unless authorised in licence conditions
• s 923C — Restriction on use of terms “financial adviser” and “financial planner”
• s 925A — Client may give notice of rescission
• s 925B — Effect of notice under section 925A
• s 925C — Client may apply to Court for partial rescission

Research how courts apply s 924A

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.