Insights Categories: Corporate & Commercial

May 2, 2018

INSIGHT: Misuse, interference or loss of personal information by pharmacists – new mandatory notifications for data breaches

On 22 February 2018, mandatory data breach notification requirements were incorporated into the Privacy Act 1988 (Act) and now apply to all entities regulated by the Act. Typically, health service providers such as pharmacists will be bound by the Act irrespective of the size of their business, because they provide a health service and because […]

May 2, 2018

INSIGHT: Expanding or contracting your pharmacy? Don’t forget Pharmacy Location Rule 121

Expansion of a pharmacy may take place where the floor size of a pharmacy is increased, for example by expanding the pharmacy into adjacent premises. An example of contraction of a pharmacy would be where the floor size of a pharmacy decreases, perhaps because part of the pharmacy is surrendered back to a landlord, or […]

Apr 27, 2018

INSIGHT: How Australian Financial Complaints Authority (AFCA) may impact your business

From 1 November 2018 (changed from the initial start date of 1 July 2018), AFCA will start accepting consumer complaints for all financial services and superannuation complaints. The new EDR framework will give consumers access to a single external dispute resolution scheme to resolve all disputes about financial products and services. AFCA will replace three […]

Apr 27, 2018

INSIGHT: Unfair Contract Protections Capture Standard Contract Loans to Small Businesses

Lending to a small business under a standard form loan contract will be susceptible to new unfair contract terms protections under the Australian Consumer Law and the Australian Securities and Investments Commission Act. The new unfair contract terms protections will apply to all standard form contracts used by lenders entered into or renewed on or […]

Apr 27, 2018

INSIGHT: Are Financial Service Providers prepared for the mandatory data breach notification regime?

From 22 February 2018, mandatory data breach notification will apply to any individual or organisation regulated by the Privacy Act 1988 (Cth). This will affect financial services businesses and foreign financial service providers with an Australian link and a continued presence in Australia. Under the new law, if a financial services business is the subject […]

Apr 27, 2018

INSIGHT: The Storm has passed!

On 22 March 2018, Justice Dowsett of the Federal Court in Queensland imposed civil penalties of $70,000 each on Mr and Mrs Cassimatis (Mr and Mrs C), the directors of Storm Financial and disqualified them from managing corporations for 7 years: ASIC v Cassimatis (No 9) [2018] FCA 385. Justice Edelman had previously found they […]

Apr 27, 2018

INSIGHT: Extensive Regulatory Reform for General Insurance in the Wings

Operational Impact on Insurers – Federal Government Response to Senate Committee Report On 20 December 2017, the Federal Government issued its response to the Senate Economics References Committee report on Australia’s general insurance industry. The Report made 15 recommendations on a range of issues, including the transparency of pricing, disclosure and competition in the general […]

Apr 6, 2018

INSIGHT: Misleading Advertising in Financial Services

Financial services providers need to take care to ensure that their advertising does not mislead consumers and that any qualification to a headline offer must be adequately disclosed in the advertisement. On 23 March 2018 RAA Insurance Pty Limited (RAA) paid $43,200 in penalties after ASIC issued four infringement notices to it for misleading representations […]

Feb 8, 2018

INSIGHT: Meridian Lawyers bolsters its property and commercial leasing practice in Sydney

Meridian Lawyers announced this week that it has appointed Penny Evans as a Principal to the firm’s Sydney property and commercial practice. Penny joins Meridian from Tresscox where she spent 22 years as a Partner in the property practice. She will be accompanied by lawyers Zile Yu and Annelise Morgan. In addition Laura Forsyth, Special Counsel will re-join Penny’s team having been […]

Nov 30, 2017

INSIGHT: PI Cover for AFS Licensees – Check your cover as not all PI policies have the same cover

Recent amendments to Regulatory Guide 126 highlight that financial service providers should regularly review their PI cover to ensure compliance with their regulatory and AFS Licence requirements. In or about August this year, ASIC release findings following a review of professional indemnity (PI) insurance policies held by a sample of 56 small AFS licensees to […]

Nov 30, 2017

INSIGHT: FOS in the Derivatives Sector – Assessment For Opening A Client Trading Account

The Financial Ombudsman Service Australia (FOS) has released its Annual Review for 2016-17 which identifies emerging trends in consumer disputes in the financial services sector. FOS identifies that it has experienced a 14% increase in the total number of disputes involving securities and derivatives in the past year. For our derivative clients who operate in […]

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