Remediation Round-Up: Superannuation

This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Key points ASIC is expected to obtain a joint mandate with APRA to regulate the operation of superannuation funds. Once this mandate is introduced, we … Read more

Remediation Round-Up: Financial advice

This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Introduction Financial advice has been a very significant area for financial services remediation in Australia in recent years. ‘Financial advice remediation’ is a broad term … Read more

Remediation Round-Up: Dealing with regulators

This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Issues to consider When considering breach reporting to regulators, what are your potential obligations to remediate affected clients and how will you involve the regulators … Read more

Proposed simplification of financial services law

On 11 September 2020, Attorney-General Christian Porter MP announced that a review of the legislative framework for corporations and financial services regulation had been referred to the Australian Law Reform Commission (ALRC). This review follows recommendations of the Banking Royal Commission, which noted that the complexity of the current regulatory regime is preventing the intent … Read more

Lenders potentially face a tsunami of complaints

Background of the loan repayment deferrals On 20 March 2020, the Australian Banking Association (ABA) announced that banks were allowing the deferral of repayments for small business loans and mortgages for up to six months in order to assist Australians who were suffering financial hardship due to the effects of COVID-19.[1] APRA reported that, as … Read more

Fair game: A sectoral focus on unfair terms in financial services

The unfair terms regime – a recap In Australia, the unfair terms regime has existed in various forms since the 1970s. In the present day, it exists in multiple federal legislative regimes, such as the Australian Consumer Law, the ASIC Act and the Corporations Act. These regimes are designed to ensure the protection of small … Read more

FSR GPS: Efficiently, honestly and fairly in practice

Our “FSR GPS” (Guidelines, Principles and Strategies) series is designed to assist financial institutions navigate often complex, and sometimes opaque or ambiguous, legal provisions, with a view to assisting institutions formulate practical and strategic legal and business solutions. This edition aims to provide practical guidance to in-house lawyers and businesses on how to navigate the … Read more

State of Play: Unconscionable conduct in financial services

The doctrine of unconscionable conduct has experienced a resurgence in financial services regulation, with ASIC increasingly bringing enforcement action on the basis of this doctrine. On 17 July 2020, ASIC commenced civil penalty proceedings in the Federal Court of Australia against Forex Capital Trading Pty Ltd and its sole director, alleging numerous acts of unconscionable conduct. … Read more