CORPORATIONS ACT 2001 - SECT 917F Effect of Division
CORPORATIONS ACT 2001 - SECT 917F
Effect of Division(1) If a financial services licensee is responsible for the conduct of their representative under this Division, the client has the same remedies against the licensee that the client has against the representative.
(2) The licensee and the representative (along with any other licensees who are also responsible) are all jointly and severally liable to the client in respect of those remedies.
(3) However, nothing in this Division imposes:
(a) any criminal responsibility; or
(b) any civil liability under a provision of this Act apart from this Division;
on a financial services licensee that would not otherwise be imposed on the licensee.
(4) This Division does not relieve a representative of a financial services licensee of any liability they have to the client or the licensee.
(5) An agreement is void in so far as it purports to alter or restrict the operation of section 917B, 917C, 917D or 917E.
(6) However, subsection (5) does not apply to the extent that the agreement:
(a) provides for a representative of a financial services licensee to indemnify the licensee for a liability of the licensee in respect of the representative; or
(b) provides for a financial services licensee, for whom a representative acts, to indemnify another financial services licensee for a liability in respect of the representative.
(7) A financial services licensee must not make, or offer to
make, an agreement that is, or would be, void under subsection (5).