Remediation Round-Up: Dealing with the client

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 Clarity and transparency is key when communicating with clients. Licensees should tailor communication strategies to the client’s technical and financial literacy. Settlement … Read more

Remediation Round-Up: Timeframes and statute of limitations

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 The selection of a remediation period is a critical decision in the development of a remediation plan, and will depend on a … Read more

Remediation Round-Up: Regulatory and implementation issues

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 Treat a remediation program like any other project. Start planning early, divide responsibilities between business units and have a clear project … 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

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

Remediation Round-Up: Legal basis for remediation

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 Is your potential remediation program: sufficient to cover any statutory, contractual, tortious or equitable claims that customers could bring in respect … Read more

State of Play: Unconscionable conduct in financial services

The doctrine of unconscionable conduct has experienced a resurgence in financial services regulation, with ASIC increasingly bringing enforcement action on the basis of this doctrine. On 17 July 2020, ASIC commenced civil penalty proceedings in the Federal Court of Australia against Forex Capital Trading Pty Ltd and its sole director, alleging numerous acts of unconscionable conduct. … 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