In this article, we address a cryptic pillar of the current Banking Executive Accountability Regime (BEAR) and the proposed Financial Accountability Regime (FAR): the obligation to deal with APRA and ASIC in an open, constructive and cooperative way. What would this obligation require? What would it not require? How can we prepare for it? In … Read more

This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series covers proposed laws recently tabled before Parliament to impose a statutory condition (Condition) on RSE licensees to have ‘no other duty to act in the interests of another person’ other than a duty that arises in the course of: acting as an RSE licensee; … Read more

This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series covers the proposed laws recently tabled before Parliament to introduce a new ‘financial service’ in the Corporations Act 2001 (Cth) (Corporations Act) and Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), namely, the financial service of ‘providing a superannuation trustee service’. In … Read more

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. Key points ASIC is expected to obtain a joint mandate with APRA to regulate the operation of superannuation funds. Once this mandate is introduced, we … Read more

Introduction Section 52(2) of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) contains two statutory covenants of a registrable superannuation entity (RSE) that concern fairness, namely: “to act fairly in dealing with classes of beneficiaries within the entity” (sub-section (e)); and “to act fairly in dealing with beneficiaries within a class” (sub-section (f)). This … Read more

Commercial behaviour falls on a spectrum. On one end, we find healthy marketplace competition, on the other end, we find behaviour that is downright predatory. The critical question for financial services providers is: at what point does capitalising on a commercial advantage actually become unconscionable? Read more

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

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