Remediation Round-Up: Timeframes and statute of limitations

Issues to consider The selection of a remediation period is a critical decision in the development of a remediation plan, and will depend on a range of factors including risk, liability and reputational issues. Licensees must avoid unnecessary delays, as this may indicate that licensees have not allocated adequate resources to conduct the remediation   … 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

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

Remediation Round-Up: Sources of compensation funds

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 Are any third parties liable for the loss to customers, and if so what is the practicality of recovering compensation from … 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

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