Insights Sectors: Financial Services

On 20 September 2017, the Insurance in Superannuation Working Group (ISWG) released a draft Insurance Code of Practice for Superannuation Trustees (Code). The objective of the proposed Code is to improve the insurance in superannuation offered to fund members and to regulate group insurance in superannuation, particularly its automatic issuance on an opt-out basis. The […]

On 6 September 2017, Treasury released a consultation paper reflecting the position of the ASIC Enforcement Review Taskforce which proposes the possible expansion of ASIC’s powers under the Corporations Act to allow it to ban senior managers in the financial sector from performing their functions. The proposed extension of ASIC’s power will apply to senior […]

Justice Pembroke’s decision in Doltic v Hannover Life Re of Australasia Limited in the Supreme Court of New South Wales on 27 July 2017 is interesting not because it creates any new law but because of His Honour’s erudite assessment of the plaintiff’s case. Following a motor accident in 2009, which Justice Pembroke described as […]

Overview: The Commonwealth Government’s 2017–2018 Budget initiatives released on 9 May will target three principal regulatory components in the financial services sector over the short and longer term, in particular: reforms to dispute resolution capturing financial services, superannuation, trustee services, banking, finance and insurance expanding the powers of the Australian Prudential Regulation Authority (APRA) relating […]

New reforms regulating the application of client monies in retail over-the-counter derivatives transactions will restrict the use of client funds for hedging purposes. The Treasury Laws Amendment (2016 Measures No.1) Bill contains the proposed retail client money reforms in the OTC derivatives sector. The House of Representatives passed the Bill on 13 February 2017. What […]

Directors are under a continuing obligation to keep informed about the activities of a corporation (ASIC v Flugge). On 15 December 2016, the Supreme Court of Victoria issued its judgment in the latest round of AWB proceedings in which ASIC commenced an action against the former Chairman of AWB Limited (AWB). The case involved the […]

On 15 July 2015, the Queensland Government introduced the Workers’ Compensation and Rehabilitation and other Legislation Amendment Bill into Parliament. If passed, this Bill will remove the 5% threshold, which workers must currently meet to have an entitlement to seek common law damages. The 5% permanent impairment threshold was introduced by the Newman government and […]

Since 1998 the mandatory Franchising Code of Conduct has been the key instrument regulating the conduct of franchises in Australia, as prescribed under the Competition and Consumer Act 2010 (Cth). A new Franchising Code of Conduct was made public on 3 November 2014 (“new Code”). The implementation of the new Code will be the most […]

The evolution of digital media means that when incorrect material is published the publisher has additional means available to minimise the harm caused – namely take it off the website and/or publish a timely update. By extension, a failure to do this adds to the damage caused. The Times debacle At the end of last […]

Meridian Lawyers is advising in relation to the following litigation which will have ramifications for the way that dependency claims may be quantified at least in New South Wales and Victoria. Taylor v Owners – Strata Plan No. 11564 in the High Court of Australia No. S179 of 2013: In 2007, during a violent storm, […]