legalsuper Adviser Online Terms and Conditions
You must read and understand these Terms and Conditions before registering. By registering we will provide you with Adviser Online access and the ability to receive Advice fee payments in respect of your clients who are legalsuper members.
By registering you agree that you:
a. have read and understood these Terms and Conditions;
b. have considered these Terms and Conditions in accordance with your other legal obligations;
c. understand your Adviser Online password is yours only, and that you are at all times solely responsible for ensuring the security of it; and
d. understand that you are responsible for the security and privacy of any legalsuper member information you access.
Nothing in these Terms and Conditions is intended to exclude, restrict or modify:
a. the application of any provisions of The Australian Consumer Law in the Competition and Consumer Act 2010, the Corporations Act 2001, the Australian Securities and Investment Commission Act 2001 or any equivalent State and Territory legislation; or
b. the exercise of any right conferred by such provisions or legalsuper's liability for a breach of a condition or a warranty implied by such a provision.
In the event of inconsistency with any such provision or with any other law, these Terms and Conditions will be read down accordingly:
1. Terms and Conditions
This information sets out the terms and conditions for Adviser Online; access to legalsuper member information and Advice fee requests.
To register for Adviser Online, you must be listed on ASIC’s financial adviser register.
2. Meaning of Terms
- Any references to 'Fund' are to legalsuper ABN 60 346 078 879. References in this document to 'legalsuper' are to Legal Super Pty Ltd ABN 37 004 455 789 as trustee for the Fund. 'We', 'us' or 'our' refers to Legal Super Pty Ltd and/or the Fund as the context requires.
- 'Advice fee' means a fee payable to a Financial Adviser for the provision of personal financial advice to a member of legalsuper in respect of the member’s interest in legalsuper.
- 'Advice fee request' means a request by a Financial Adviser, in a form approved by legalsuper, to pay an Advice fee as authorised by a legalsuper member.
- 'Adviser(s)' and 'Financial Adviser(s)' means the individual registered for legalsuper’s Adviser Online.
- 'Adviser Online' is the online service that legalsuper provides to financial advisers for accessing information regarding their clients who are members of legalsuper.
- 'Adviser Online access' means the permission (including ongoing permission) legalsuper applies to a financial adviser after logging into Adviser Online.
- 'You', 'yourself' and 'your' refers to the Financial Adviser permitted access to use Adviser Online. Any references to 'you', 'yourself' and 'your' includes a reference to any third party you have authorised to use your Adviser Online access with the intent that you shall be liable for any use of your Adviser Online access and for any failure on the part of any such third party to observe these Terms and Conditions.
3. Accepting these Terms and Conditions
You accept and agree to be bound by these Terms and Conditions:
a. by submitting an Adviser Online registration; and
b. after any variation to the Terms and Conditions, by continuing to access Adviser Online under the varied Terms and Conditions.
4. Continued Application of Terms and Conditions
legalsuper may vary these Terms and Conditions at any time without prior notice to you.
legalsuper will provide written notice of variations to these Terms and Conditions. This notice may be given by providing varied Terms and Conditions at a location on the website that is prominently displayed and accessible through use of Adviser Online.
If you use Adviser Online after a notice of variation to the Terms and Conditions has been given, you will be taken to have accepted the Terms and Conditions as varied.
5. Cancellation of Services
Your registration will remain valid for a period of 18 months unless legalsuper has cancelled it.
legalsuper will cancel your registration if (for example):
a. you have contacted us to instruct cancellation;
b. you no longer hold a current AFSL/ASIC registration; or,
c. legalsuper has reasonable grounds to suspect usage that is fraudulent, or not within the Terms and Conditions, or there are other security reasons sufficient to require cancellation.
This is not an exhaustive list and legalsuper may, at any time and without prior notice, cancel your registration for any reason and without giving reasons.
legalsuper may cancel your registration where you have changed AFS Licensee, and you acknowledge that a change of AFS Licensee may result in the expiration of all existing authorities you hold on legalsuper member accounts.
When your registration is cancelled you will no longer have access to Adviser Online.
6. Availability of Services
legalsuper will use all reasonable efforts to ensure that services specific to your Adviser Online registration are available at all times. legalsuper will not be liable for or in connection with:
a. failure of a service to perform, in whole or in part, any function which we have specified it will perform;
b. the unavailability of a service to you, in whole or part, because of the failure of any communication network, ancillary equipment or any circumstance beyond our reasonable control, or;
c. delays or errors in the execution of any transaction, information content or instruction because of the failure of any communication network, ancillary equipment or any circumstance beyond our reasonable control.
7. Use of Adviser Online
legalsuper will use all reasonable efforts to ensure that the information displayed in Adviser Online is without errors and corrections are made promptly. legalsuper will take all reasonable precautions to protect the confidentiality of the information held in Adviser Online.
7.1 Access and Security
Adviser Online allows a Financial Adviser to access information regarding their clients who are members of legalsuper. By logging into Adviser Online, you agree that you will:
- only access legalsuper member information you are properly authorised to access; and,
- notify legalsuper immediately if you have been provided access to any legalsuper member information that you should not have access to.
Financial Advisers will be required to create their own password as part of the Adviser Online registration process. To maximise the security of your client's information, you should regularly change your Adviser Online password.
You must ensure at all times that:
- your password is kept secure and not disclosed to anyone; and,
- you do not by any other action or omission allow any person other than yourself to access your client's information or effect any transactions relating to Adviser Online.
- protect your password from being lost, stolen or disclosed;
- log off immediately after you have finished accessing Adviser Online.
You must not:
- keep a written record of your password;
- give, show or tell your password to anyone;
- allow any person to read or hear your password, or watch you enter your password.
You acknowledge that:
- you understand that your password allows anybody access to personal information and effect any transactions permitted by Adviser Online. Leaving your computer unattended while logged into Adviser Online may lead to these consequences;
- you authorise legalsuper, when access to Adviser Online has been gained following the successful entry of your password, to treat any operations involving your Adviser Online Access (whether involving access to all information or the effecting of any transactions) as having been personally authorised in writing by you;
- legalsuper are under no duty whatsoever to enquire or establish if a person accessing Adviser Online is a person actually authorised; and
- you understand that no data transmission over the internet can be guaranteed as totally secure and that, while legalsuper will take all reasonable measures to protect the security of such information, legalsuper cannot ensure or warrant the security of any information transmitted using Adviser Online.
If you suspect that your password may have become known to any other person, or that for any reason another person may have been in a position to access Adviser Online on your behalf, you must ensure that:
- your password is changed; and,
you inform us immediately on 1800 060 312
7.2 Currency and Accessibility
You acknowledge that:
- all information available through Adviser Online may not always be current;
- any transactions effected via Adviser Online may take some time to process; and,
- the services and functions offered through Adviser Online may not all be available at all times.
You agree that you are solely responsible for all use of your Adviser Online access, including all information accessed and any transactions made.
You agree that all use of Adviser Online will be for lawful purposes only, and that you are liable for any use for unlawful purposes.
You accept full responsibility and indemnify us for any claims arising from expenses, loss or liability that is incurred by any person as a result of your use of Adviser Online and your Adviser Online Access, other than as provided in paragraphs 7.3c and 7.3d.
Without limiting paragraph 7.3a, you are liable in respect of access to all information and any transactions made:
- when access to Adviser Online has been gained following the successful entry of your password;
- if you disclose your password to another person or fail to keep it properly secure; or,
- if by your action or omission, an unauthorised third party has gained access to Adviser Online following the successful entry of your password.
For the purpose of clause 7.3a and 7.3b and any other misuse of your Adviser Online access, you will continue to be liable in relation to all information accessed or any transactions effected up until the time you notify legalsuper on 1800 060 312 that:
- the password may have become known to someone not entitled to know it, or;
- unauthorised Adviser Online access may have been gained in some other way, and;
- legalsuper has had a reasonable opportunity to take appropriate security measures.
You will not be liable for unauthorised access to, or any transactions effected upon, Adviser Online access following correct entry of your password if all of the following apply:
- you were in no way responsible for the password becoming known to, or Adviser Online being used by, an unauthorised user;
- you were not otherwise in breach of these Terms and Conditions;
- you have otherwise acted honestly and reasonably and taken all due and proper care in the use of Adviser Online and your Adviser Online access;
- you fully co-operate with us and assist in investigation the circumstances that may have resulted in the unauthorised access of an unauthorised transaction.
Nothing in this clause 7.3d is to be taken as imposing a duty or obligation on legalsuper that would not otherwise apply.
legalsuper is not liable for:
- reliance by anyone on information obtained through the use of Adviser Online and your Adviser Online access;
- any failure by Adviser Online to provide information or perform operations requested, or any delays;
- any amount of loss or damage, except in the event of our negligence, fraud or deliberate misconduct;
- indirect, consequential or special loss or damage however caused, including as a result of negligence, whether or not the loss or damage was foreseeable;
- unavailability of Adviser Online; or
- any events whatsoever beyond legalsuper's control.
8. Advice fees
8.1 Advice fee requests
legalsuper may pay Advice fees in respect of a member on receipt of an Advice fee request, in a form acceptable to legalsuper, signed by that member and the Financial Adviser.
legalsuper may impose rules, restrictions and limitations on payment of Advice fees from members’ accounts (for example, a minimum account balance).
An Advice fee request may be for Initial/One-Off Advice or for Ongoing Advice.
An Advice fee request supersedes and replaces any Advice fee request previously submitted.
8.2 Payment to Dealer Group/Licensee
legalsuper will pay Advice fees that are payable in accordance with these Terms and Conditions in respect of a member to the Dealer Group/Licensee registered by the submission of a valid ‘Agreement for payment of Advice fee(s) and to receive Recipient Created Tax Invoice(s) (RCTI)’ form.
legalsuper will pay an Advice fee(s) (Initial/One-Off or Ongoing) in respect of a member to the Dealer Group/Licensee, until legalsuper becomes aware that the Financial Adviser has changed Dealer Group/Licensee.
legalsuper will pay a monthly amount to a Dealer Group/Licensee, including where one or more Financial Advisers is registered for Adviser Online. The monthly amount will comprise all Advice Fee(s) for Initial/One-Off Advice or Ongoing Advice in respect of the month, which are the subject of Advice fee requests submitted by those Financial Advisers that legalsuper has agreed to pay in accordance with these Terms and Conditions.
8.3 Withdrawal of Advice fee request
A member may withdraw or revoke an Advice fee request at any time by notice to legalsuper.
On receiving and processing a withdrawal or revocation:
- legalsuper will notify the Financial Adviser(s) that the withdrawal or revocation has been received; and
- legalsuper will not make any further payments under the Advice fee request.
8.4 legalsuper's sole purpose test obligations
legalsuper is required to meet the sole purpose test prescribed in the Superannuation Industry (Supervision) Act 1993 in respect of all payments from the Fund, including payment of Advice fee(s).
legalsuper relies on the co-operation of Financial Advisers to help ensure legalsuper does not breach the sole purpose test. This is a matter of critical importance to legalsuper because any breach of the sole purpose test may jeopardise legalsuper's RSE Licence.
Under the sole purpose test, legalsuper may only apply Fund money for the purpose of providing members with benefits at retirement or in other limited allowable circumstances including payment of death, total and permanent disability or salary continuance insurance benefits.
legalsuper may apply Fund money to support certain member services that are consistent with the sole purpose test, such as financial advice about a member's benefit in the Fund including; joining the Fund, consolidation into the Fund, investments, contributions, insurance, beneficiary nomination and pension arrangements in the Fund.
8.5 legalsuper's policy for Advice fee payments
legalsuper's policy is to approve payment of Advice fee(s) where:
- the member provides consent to the payment of the Advice fee(s); and,
- the financial advice and advice services provided for which the Advice fee(s) is payable relates solely to the member’s interest in the legalsuper superannuation fund.
Participation by Financial Advisers in this programme is at legalsuper's discretion.
legalsuper also retains discretion to, in any particular case:
- refuse to pay an Advice fee in accordance with an Advice fee request; or
- make payment of an Advice fee for only a portion of the amount specified in an Advice fee request,
for any reason and without giving any reasons.
legalsuper may at any time notify a Financial Adviser that legalsuper will not make any further payments of Advice fee(s) in respect of Advice fee requests submitted by that Financial Adviser.
Where legalsuper has made payment of an Advice fee and legalsuper suspects that the Advice fee was charged (partly or wholly) for financial advice that was not consistent with the sole purpose test, legalsuper may require a Dealer Group/Licensee to refund the payment of an Advice fee, for re-credit to the member’s legalsuper account.
If the Dealer Group/Licensee does not provide legalsuper a valid ‘Agreement for payment of Advice fee(s) and to receive Recipient Created Tax Invoice(s) (RCTI)’ form within six months of the first Advice fee deduction from a legalsuper member’s account, the deducted Advice fee(s) will be refunded to the legalsuper member.
8.6 Review and monitoring
legalsuper may request a Financial Adviser to supply evidence demonstrating that the advice for which payment was requested under an Advice fee request was consistent with the sole purpose test.
egalsuper will periodically review Advice fee requests submitted by Financial Advisers, with a view to assessing whether there are grounds to suspect that requests have been made for advice which are not consistent with the sole purpose test.
For this purpose, legalsuper may from time to time request the following information from a registered Financial Adviser in respect of all members for which the Adviser has submitted Advice fee requests, or any of them:
- a copy of the complete Statement of Advice, or,
- a copy of the Record of Advice, or,
- other evidence of the advice services provided.
Without limiting legalsuper’s rights to cancel registration under paragraph 5, legalsuper may cancel your registration if you do not provide requested information to legalsuper’s satisfaction.
8.7 Change of Financial Adviser and/or Dealer Group/Licensee
Without limiting legalsuper’s rights to cancel registration under paragraph 5, legalsuper may apply the following rules where legalsuper becomes aware of a change of Financial Adviser and/or Dealer Group/Licensee in respect of a Financial Adviser:
legalsuper will not pay any further amounts by way of Initial/One-Off or Ongoing Advice fees until legalsuper receives notice (see paragraph 8.7d below) from the Financial Adviser and the Dealer Group/Licensee (as applicable) that the member is still receiving advice services from:
- a different Financial Adviser (new Adviser) operating under the same Dealer Group/Licensee (Nominated Dealer Group/Licensee);
- the same Financial Adviser (Transferred Adviser) operating under a different Dealer Group/Licensee (new Dealer Group/Licensee); or
- a different Financial Adviser (new Adviser) operating under a different Dealer Group/Licensee (new Dealer Group/Licensee).
- the Transferred Adviser is providing services to the member under a new Dealer Group/Licensee; and
- the Transferred Adviser is re-registered for Adviser Online in respect of the new Dealer Group/Licensee,
legalsuper may commence payments to the new Dealer Group/Licensee, including any outstanding payments, in respect of Advice fee requests submitted by the Transferred Adviser.
- a new Adviser is providing services to the member under the nominated or new Dealer Group/Licensee; and
- the new Adviser is registered for Adviser Online,
legalsuper may re-commence payments to the nominated Dealer Group/Licensee, including any outstanding payments, in respect of Advice fee requests submitted by the newTransferred Adviser.
legalsuper will require the following before any further Advice fee payments are made:
- a valid ‘Advice fee request’ form from the Transferred or the new Financial Adviser; and
- a valid ‘Agreement for payment of Advice fee(s) and to receive Recipient Created Tax Invoice(s) (RCTI)’ form written notice from the new nominated Dealer Group/Licensee before any further payments are made.
9. Privacy of Financial Adviser information
The purpose for which legalsuper is collecting your information is to administer Adviser Online access and Advice fee requests. If the information requested is not provided, legalsuper will not be able to register you as a Financial Adviser.
legalsuper may also use this information to notify you about legalsuper and other products. legalsuper does not normally disclose personal information to parties outside legalsuper, except parties contracted to provide services to legalsuper.
10. Further information
You can contact us by:
Telephone: 1800 060 312
Write to us at: GPO BOX 5081, Parramatta NSW 2124
Legal Super Pty Ltd ABN 37 004 455 789 is the Trustee of legalsuper and holds Australian Financial Services Licence No. 246315 under the Corporations Act 2001. Legal Super Pty Ltd is licensed to deal in, and advise on, superannuation products in legalsuper.
Information on this website is general information only and should not be considered to be personal advice.