Remediation Round-Up: The role of independent experts

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 Does the remediation team have immediate access to advisors who can provide input on each stage of the remediation process, if an … Read more

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

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

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

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

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