(2) The retail customer may exercise the cancellation right by giving notice of the exercise of the right to the authorised firm in a durable medium. (3) Without limiting subrule (2), if the retail customer exercises the right in accordance with information given to the customer by the authorised firm, the customer is taken to have complied with the subrule. (4) The notice need not use any particular form of words and it is sufficient if the intention to exercise the right is reasonably clear from the notice or the notice and the surrounding circumstances. (5) The notice need not give reasons for the exercise of the right. (6) If the retail customer exercises the cancellation right by sending notice to the authorised firm at the address given to the customer by the firm for the exercise of the right and the notice is in a durable form accessible to the firm, the notice is taken to have been given to the firm when it is sent to the firm at that address. 6.2.5 Life policies—consequences of cancellation (1) This rule applies if a retail customer exercises a right under this division to cancel a life policy effected by an authorised firm with the customer. (2) The life policy is terminated. (3) For a new life policy, the authorised firm must pay the retail customer an amount equal to the total of the amounts paid by the customer in relation to the life policy. (4) The amount must be paid to the retail customer without delay and no later than 30 days after the day the cancellation right is exercised. (5) For a new life policy, the retail customer must, if required by the authorised firm, pay the firm an amount of no more than the total of— (a) amounts received, and the value of property or services received, by the customer in relation to the life policy; and (b) losses incurred by the firm because of market movements in relation to relevant contracts if the losses are incurred on or before the day the cancellation right is exercised. (6) Subrule (5) only applies if the authorised firm can demonstrate that the retail customer was under rule 4.3.11 (Product disclosure
(2) The retail customer may exercise the cancellation right by giving notice of the exercise of the right to the authorised firm in a durable medium. (3) Without limiting subrule (2), if the retail customer exercises the right in accordance with information given to the customer by the authorised firm, the customer is taken to have complied with the subrule. (4) The notice need not use any particular form of words and it is sufficient if the intention to exercise the right is reasonably clear from the notice or the notice and the surrounding circumstances. (5) The notice need not give reasons for the exercise of the right. (6) If the retail customer exercises the cancellation right by sending notice to the authorised firm at the address given to the customer by the firm for the exercise of the right and the notice is in a durable form accessible to the firm, the notice is taken to have been given to the firm when it is sent to the firm at that address. 6.2.5 Life policies—consequences of cancellation (1) This rule applies if a retail customer exercises a right under this division to cancel a life policy effected by an authorised firm with the customer. (2) The life policy is terminated. (3) For a new life policy, the authorised firm must pay the retail customer an amount equal to the total of the amounts paid by the customer in relation to the life policy. (4) The amount must be paid to the retail customer without delay and no later than 30 days after the day the cancellation right is exercised. (5) For a new life policy, the retail customer must, if required by the authorised firm, pay the firm an amount of no more than the total of— (a) amounts received, and the value of property or services received, by the customer in relation to the life policy; and (b) losses incurred by the firm because of market movements in relation to relevant contracts if the losses are incurred on or before the day the cancellation right is exercised. (6) Subrule (5) only applies if the authorised firm can demonstrate that the retail customer was under rule 4.3.11 (Product disclosure
QFCRA_5584_VER12.docx