Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation is made for the purposes of paragraph 158NA(b) of the Act.
Infrequent benefit valued less than $300
(2) A non - monetary benefit given to a licensee, or representative of a licensee, who provides credit services to consumers is not conflicted remuneration if:
(a) the value of the benefit is less than $300 for each licensee, or each representative of a licensee, who is the final recipient of the benefit; and
(b) identical or similar benefits are not given on a frequent or regular basis.
Education or training
(3) A non - monetary benefit given to a licensee, or representative of a licensee, who provides credit services to consumers is not conflicted remuneration if:
(a) the benefit has a genuine education or training purpose; and
(b) the benefit is relevant to the carrying on of a business of providing credit services to consumers; and
(c) for a benefit that is the provision of an education or training course--the requirements in subregulation (4) are satisfied in relation to the course; and
(d) for a benefit that is not the provision of an education or training course--the dominant purpose of the benefit is education and training.
(4) For the purposes of paragraph (3)(c), the requirements are:
(a) education or training activities for the professional development of the participants in the course must take up at least:
(i) 75% of the time spent on the course; or
(ii) 6 hours a day;
whichever is the lesser; and
(b) the costs of:
(i) the participant's travel and accommodation relating to the course; and
(ii) the participant attending events and functions held in conjunction with the course;
must be paid for by one or more of the following:
(iii) the participant;
(iv) the participant's employer or licensee;
(v) if a mortgage intermediary provides services to the participant, or the participant's employer or licensee, to assist in carrying on a business of providing credit assistance to consumers--the mortgage intermediary.
Note: An example for subparagraph (b)(ii) is the cost of day trips or dinners.
(5) In this regulation:
"education or training course" includes a conference or seminar.
IT support
(6) A non - monetary benefit given to a licensee, or representative of a licensee, who provides credit services to consumers is not conflicted remuneration if:
(a) the benefit is the provision of information technology software or support; and
(b) the benefit is related to the provision of credit services to consumers in relation to credit contracts with the benefit provider.
Benefit given by a consumer
(7) A non - monetary benefit given to a licensee, or representative of a licensee, is not conflicted remuneration if the benefit is given:
(a) by a consumer to the licensee or representative; and
(b) in relation to a credit service provided by the licensee or representative to the consumer in relation to a credit contract.