2020 Global Bank Review #disruption

We are excited to launch the 2020 edition of our Global Bank Review, #disruption. While the banks sector has faced significant challenges before, the depth and breadth of Covid-19’s disruption has left banks in the position of having to brace for impact to their own businesses, whilst simultaneously demonstrating a change in culture, providing support … 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

Return of the ‘innovation nation’? The Interim Report of the FinTech and RegTech Inquiry and the path forward

This article was originally posted on the HSF Tech Hub, available here.   The Australian Senate’s Select Committee on Financial Technology and Regulatory Technology (the Committee), established in September 2019 to inquire into financial technology and regulatory technology (the Inquiry), released its Interim Report on 2 September 2020. The Inquiry’s remit, already broad in its focus on … 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

Remediation Round-Up – Who is the proper payee?

Background This edition of HSF FSR Australia Notes is the first in our series dealing with legal remediation issues arising from exercises undertaken post Royal Commission. In this edition, as the title indicates, we examine the topical issue of where compensation payments should be made in a situation where multiple parties have been involved in … Read more

Spotlight on Regulatory Risk in Financial Services

This edition of our FSR Australia Notes focuses on the concept and dimensions of regulatory risk. We see this as an increasingly important area of financial services regulation, as following the Financial Services Royal Commission, a financial institution’s relationship with the regulators is particularly paramount. There are many factors underpinning this observation, including the more … Read more