FSR GPS: Misleading or deceptive conduct – A disclaimer antidote?

In this edition of the FSR GPS, we explore key principles for financial services businesses to consider when considering the use of a disclaimer to mitigate false, misleading or deceptive conduct. As noted in our previous article about where an unintentional error may not constitute misleading or deceptive conduct, the key test for misleading or … Read more

5 YEARS ON FROM THE ROYAL COMMISSION

It has been 5 years since Commissioner Hayne, in February 2019, released the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (FSRC). It was a watershed moment for the financial services sector, with the rippling effects still being felt 5 years on. It is safe to say … Read more

2023 wrap-up: AML/CTF reform, scams focus, tipping off and account closures

2023 wrap-up: AML/CTF reform, scams focus, tipping off and account closures In reflecting on the regulatory changes that have been implemented or proposed in 2023, a consistent priority has been protecting consumers from bad actors. The Federal Government has undertaken measures to introduce a whole of ecosystem approach to preventing scams. Australia’s unfair contract terms … Read more

FSR GPS Podcast Series – EP8: Scams Code Framework Briefing

EP 8: Scams Code Framework Briefing In this episode, Partners Charlotte Henry and Andrew Eastwood discuss the Australian Government’s recent consultation on the Scams Code Framework. Soundcloud | Spotify | Apple      About the FSR GPS Podcast Series Our “FSR GPS” podcast series explores topical and emerging issues in financial services regulation that are of strategic importance … Read more

HSF PUBLISHES GLOBAL BANK REVIEW 2023: TRUST MATTERS

On 9 October 2023, Herbert Smith Freehills published its 2023 Global Bank Review: Trust matters. This year, we’re diving deep into the very essence of the banking sector: trust. We explore trust in the context of scams, AI, funding net zero, digital assets, capital markets reform, and more. We also have exclusive insights from industry … Read more

FSR GPS Podcast Series – EP6: Scams – A customer’s rights, a bank’s obligations

EP 6: Scams – A customer’s rights, a bank’s obligations Join Partners Andrew Eastwood and Peter Jones and Senior Associate David Curley for a look at who is responsible when a bank’s customer is scammed. Soundcloud | Spotify | Apple      About the FSR GPS Podcast Series Our “FSR GPS” podcast series explores topical and emerging issues in financial services … Read more

FSR OUTLOOK 2023: BRAVING THE MAELSTROM

Our Financial Services Regulatory (FSR) team surveys the regulatory landscape for 2023 and considers the challenges confronting firms and regulators. Firms now face a maelstrom of risks as 2023 comes into view. Economic and geopolitical uncertainty has aggravated already rising interest rates and inflation, causing supply chain issues and increased volatility in the commodities and … Read more

THE BREACH REPORTING CHASM

On 27 October 2022, ASIC released its first publication of information lodged under the new breach reporting regime, Report 740 Insights from the reportable situations regime: October 2021 to June 2022 (Report 740). As readers will be aware, the new breach reporting regime for financial services came into effect on 1 October 2021, seeking to … Read more