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

    Legislating for LIBOR transition: UK/EU jurisdictional battle or complementary regimes?

    This article was originally posted on Banking Litigation Notes. The European Commission has published its proposals for an EU legislative solution for the transition of legacy LIBOR contracts. This announcement follows hot on the heels of recent announcements for similar legislative fixes in the UK (read our blog post: UK Government announces LIBOR legislative fix: summary of proposals … Read more

    State of Play: Superannuation Guarantee FAQs

    In this edition of HSF FSR Australia Notes, we cover some live issues facing employers with respect to their superannuation guarantee (SG) obligations. 1. What is the SG amnesty and how can you take advantage? Employers are generally required to make quarterly SG contributions in respect of their employees under the Superannuation Guarantee (Administration) Act … Read more

    “In relation to” a financial service: Federal Court reaffirms wide angle lens

    The Federal Court has recently reaffirmed that the phrase “in relation to” a financial service is necessarily of wide import. In this context, it is timely to reiterate the practical consequences of this broad interpretation in the context of financial services. “in relation to” In Australian Securities and Investments Commission v Hutchison [2020] FCA 978, … Read more

    The landscape on general and personal advice

    Written by Michael Vrisakis, Hartley Spring, Shan Verne-Liew and Nathan Hauser Introduction This month we expect to read the written submission filed by ASIC in respect of the High Court case of Westpac Securities Administration Limited v ASIC (High Court of Australia, S29/2020, commenced 7 May 2020). The case concerns whether certain call centre scripts contained general … Read more

    Webinar – The Road to LIBOR Transition

    LIBOR (and other IBORs) will cease to exist in their current form from the end of 2021, creating significant issues for financial institutions with exposure to LIBOR contracts, and the risks associated with the economic consequences of switching to the replacement Risk Free Rates. In 2019, Michael Held, the New York Fed’s GC, described the … Read more