By Kerensa Sneyd and Sky Kim On 26 October 2018, two amending Acts commenced that will further improve consumer protections and enhance regulator powers. Unfair contract terms investigation powers for ASIC New protections for consumers and small businesses against the use of unfair contract terms have been introduced as part of a set of statutory … Read more
Professionalism in financial services was the topic addressed last Thursday 11 October by a range of speakers presenting at the 2018 FINSIA Summit. Throughout this year, key regulators have spoken openly about the importance of professionalism in the banking sector and the role it plays in rebuilding community trust. The public hearings of the Royal Commission into Misconduct in Banking, Superannuation and Financial Services has also highlighted the significant work that lies ahead in order to restore trust and confidence in the sector. Read more
By Philip Hopley The Australian regulatory financial services sector has certainly been giving props to Greek philosophy of late with its channelling of Heraclitus’ statement that “there is nothing permanent except change.” Now that the dedicated insurance hearings at the Royal Commission have finished, here is a snapshot of the current legislative and regulatory plans for … Read more
Written by Amy Ciolek and Kiara Salvia On 12 September 2018, the Australian Competition and Consumer Commission (ACCC) released for public consultation the Consumer Data Right (CDR) Rules Framework (Rules Framework) following the release of the exposure draft Treasury Laws Amendment (Consumer Data Right) Bill 2018 (the Bill) which proposes amendments to the Competition and Consumer Act … Read more
By Lisa Whiting Consumers are set to receive certain rights in relation to personal data held about them. These rights are provided for under exposure draft legislation released by Treasury. Submissions on the draft are due by 7 September 2018. Read more
By Nicola Greenberg Australians are familiar with the concept of “non-banks”, and have even seen an example of a “beta bank” (U-Bank). Other forms of “challenger” banks, such as neobanks and new banks have been absent from the Australian landscape until more recently. Read more
With terminology such as mixers, cold storage, tumblers and Onions (Onion Routers) (TOR), one may be excused for overlooking the significance of money laundering the digital age. Read more
The Court of Appeal has emphatically confirmed that “the function of the trustees is to manage and administer the scheme; not to design it” in a recent judgement handed down in the UK. Read more
