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

FSR GPS: The efficiency limb of the EHF obligation

This is the third edition in our “FSR GPS” (Guidelines, Principles and Strategies) series relating to the efficiently, honestly and fairly (EHF) obligation in financial services law. In this third edition, we examine the very specific issue of when a financial service might breach the EHF obligation on the grounds of the service not being … Read more

FSR GPS: Efficiently, honestly and fairly in practice (Part II)

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 provides further practical guidance to in-house lawyers and businesses on how to navigate … 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

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