First judicial challenge to ASIC’s use of its new product intervention power fails

By Fiona Smedley, Graeme Johnson, Ewan MacDonald, Julian Vertoudakis and Soraya Pradhan   On 15 April 2020 the Federal Court confirmed[1] that a judicial review application lodged in September 2019 to challenge ASIC’s exercise of its new product intervention power (PIP) had failed. The judicial review challenge related to a class wide intervention in relation to … Read more

The fairness doctrine: a return to the status quo?

By Michael Vrisakis, Tamanna Islam and Shan-Verne Liew In October 2019, the Full Federal Court decision in ASIC v Westpac Securities Administration Limited [2019] FCAFC 187 (ASIC v Westpac) raised questions about the scope of the obligation on AFS licensees to act efficiently, honestly and fairly. Less than 6 months later, the Federal Court’s decision in ASIC v … Read more

Federal court provides helpful guidance on a range of AFSL concepts

By Fiona Smedley and Steven Rice   On 5 February 2020, the Federal Court of Australia handed down its decision in Australian Securities and Investments Commission v One Tech Media Ltd [2020] FCA 46 (One Tech Media). The Court found that One Tech Media Limited (One Tech), Allianz Metro Pty Ltd (Allianz Australia) and others … Read more

To infinity and beyond: the fairness doctrine

The implications of the recent Full Federal Court decision in ASIC v Westpac Securities Administration Limited [2019] FCAFC 187 (ASIC v Westpac) are far-reaching for the financial services industry. The case is, of course, a significant development in the laws concerning the parameters of general advice and personal advice. However, the potential impact on the provision and regulation of financial services more broadly should be explored. Read more