Insights Sectors: Financial Services

Mar 8, 2019

INSIGHT: ASIC’s regulatory approach to enforcement post-Hayne

What to do if you receive an ASIC Notice Following on from our from our preliminary analysis of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry  we predicted that one of the outcomes of the Recommendations of the Hayne Commission Final Report would be a likely increase in regulatory activity, […]

Feb 14, 2019

INSIGHT: Six axioms emerging from the Hayne report

A preliminary analysis of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. As foreshadowed in our previous Financial Services Insight, which deals with the Interim Report, the period of public hearings has been completed and Commissioner Hayne released the Commission’s Final Report on 4 February 2019. The Final Report includes […]

Dec 6, 2018

INSIGHT: A Game Changer for Mutuals – New Law Expands Capacity to Raise Capital

Mutual Entities Bill 2018: Tranche 2 On 26 November 2018, the Commonwealth Government released for public consultation an exposure draft of the Treasury Laws Amendment (Mutual Entities) Bill 2018: Tranche 2 (the Bill) which introduces a new bespoke capital instrument in the Corporations Act 2001 for all eligible mutual entities. Under the Bill, a mutual […]

Oct 9, 2018

INSIGHT: Financial Services Royal Commission – The Interim Report – Emerging Regulatory Themes

The Interim Report of the Financial Services Royal Commission was tabled in Parliament on 28 September 2018. There has been much speculation about the potential nature of the findings and recommendations arising from the public hearings. The evidence of misconduct in the banking, superannuation and financial services industry, in some sectors and in specific instances, […]

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 9, 2018

INSIGHT: Insurance Broker Remuneration – 5 Legal Considerations  

  1. Commission Documentation Brokers should ensure that all commission, remuneration and financial benefit arrangements with insurers is appropriately documented to include: review process dispute process for conflict about remuneration post – termination payments detail of each component of remuneration such as contingent remuneration, monetary or non-monetary benefits, profit share commission, volume bonuses, or any […]

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 […]

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