Anti-hawking in financial services: Some observations on multi-product discounts

    For some time now, the issue of whether a sales representative can cross-position different insurance policies or financial products through the mechanism of a multi-policy or multi-product discount has been somewhat of a vexed issue – to say the least. In this context, we are referring to a scenario where a client makes an enquiry … Read more

    FFSP AFSL exemption uncertainty continues

    The Australian federal election was held on 21 May 2022 and has resulted in a change of government. The previous government had introduced a bill into Parliament to implement the foreign financial service provider (FFSP) exemptions to the requirement to hold an Australian financial services licence (AFSL) and that bill had lapsed on the dissolution … Read more

    Evolving patterns of ESG disclosure by super fund trustees

    Public attention on the ways Australian superannuation funds are engaging with the challenges of climate change has never been greater. Media reporting of Australia’s position at COP26, together with concerted advertising by some funds of their sustainability credentials, means that members are more interested than ever about how their monies are being deployed. This interest … Read more

    FFSP AFSL EXEMPTION UNCERTAINTY RETURNS

    The bill to implement the foreign financial service provider (FFSP) exemptions to the requirement to hold an Australian financial services licence (AFSL) has lapsed on the dissolution of Parliament following the calling of the federal election yesterday. For more information on the final form of the bill (the Treasury Laws Amendment (Streamlining and Improving Economic Outcomes … Read more

    Section 52(12) – The Forgotten Covenant

    By Scott Donald PhD CFA (External Consultant and Associate Professor – UNSW) Rob Kardashian, Emilio Estevez, Luke Hemsworth, Dannii Minogue, Trevor Chappell.  Sometimes it is hard to avoid being overshadowed by more famous, more glamorous siblings. The covenant in section 52(12) of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) must be feeling that … Read more

    Financial services in the social media age: The rise and risks of ‘finfluencers’

    During the COVID-19 pandemic, a record number of first-time traders flocked to the market, which propelled financial influencers (‘finfluencers’) into ASIC’s spotlight and squarely placed them within ASIC’s enforcement remit. The rise of finfluencers is unsurprising in the social media and digital age. As financial services and financial product distribution become more challenging and complex … Read more

    State of Play: The unconscionable conduct yo-yo goes back to the High Court

    We have previously written about the doctrine of unconscionable conduct, where we follow the developing law of both statutory and equitable unconscionable conduct. The yo-yo starts its first play with the 2019 High Court decision in ASIC v Kobelt, which created significant uncertainty in the doctrine of unconscionable conduct (see our article here).[1] Five separate … Read more

    ALRC FSR Review: HSF makes submission on definition of “retail client” reform

    In November 2021, the ALRC published its first (interim) Financial Services Legislation Report setting out a range of proposals for the simplification of financial services law. In this context, the ALRC recommended reform to the definition of “retail client”; namely: the removal of the product value and the income/asset tests; and the removal of exemptions in … Read more

    ALRC FSR Review: HSF makes submission on “efficiently, honestly and fairly” reform

    In November 2021, the ALRC published its first (interim) Financial Services Legislation Report setting out a range of proposals for the simplification of financial services law. As part of this, the ALRC proposed to clarify the “efficiently, honestly and fairly” cornerstone obligation for AFS licensees under section 912A(1)(a) of the Corporations Act. In particular, the ALRC … Read more