Where a reportable situation (significant breach, gross negligence or serious fraud) may have caused loss to retail clients given personal advice on relevant financial products, and the clients may have an enforceable right to recover, the licensee takes reasonable steps to notify each affected client in writing within 30 days (s 912EA); commences an investigation within 30 days, identifying the conduct and quantifying the loss, and completes it as soon as reasonably practicable; notifies the client of the outcome within 10 days of completion; and takes reasonable steps to pay compensation equal to the loss within 30 days after completion (s 912EB). Each step is a civil penalty provision, and payment does not limit the client's other rights.
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