How the Productivity Commission wants to shake up competition in the financial system

With all the news about the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, we should not overlook an inquiry by another commission into the financial system, also announced last year, which has already proposed big changes. Background On 8 May 2017, the Treasurer asked the …

Financial Services and Credit Quarterly Update – April 2018

We’ve just published our latest Financial Services and Credit Quarterly Update for the first quarter of 2018, which you can download here. The Royal Commission is getting a lot of news, but there is plenty more happening. New controls on credit cards have been legislated, with some coming into effect …

Financial Services and Credit Quarterly Update – January 2018

North Sydney business lawyers

Welcome to 2018. 2017 ended with a bang, in the form of a Royal Commission into misconduct in the banking, superannuation and financial services industries announced on 30 November. You’ll find an overview of the Royal Commission and other developments in the last quarter of 2017 in our latest Financial …

Financial Services and Credit Quarterly Update October 2017

Our latest Financial Services and Credit Quarterly Update for the third quarter of 2017 can be downloaded here. In the last 3 months, APRA has been much in the news: draft legislation for the APRA-administered BEAR has now been released; APRA is consulting on a new regime to make it easier to become …

What’s happening with crowdfunding

Starts soon Equity crowdfunding will finally begin in Australia from 29 September 2017. When we last reviewed crowdfunding a year ago, Australia’s efforts to introduce crowdfunding laws had been stalled by the 2016 election. After the election, the proposed legislation was brought back and passed through the Parliament in March 2017. Even before the …

Financial Services and Credit Quarterly Update July 2017

Our latest Financial Services and Credit Quarterly Update for the second quarter of 2017 can be downloaded here. In the last three months there have been a number of important announcements in the Federal Budget affecting the financial services sector. These include: the new big bank levy, which is also …

Covenant light: the new look for small business loan contracts

Last year we asked if small business lending could end up like consumer lending. Well, it is certainly heading that way. There are some important recent developments that will fundamentally change small business loan contracts. Obligations normally imposed by lenders are being dialled back or removed for small business borrowers. …

Equity crowdfunding state of play

Equity crowdfunding offers the prospect of small companies and start-ups raising capital quickly and cheaply from a large number of investors using internet based platforms. Australia is lagging behind the US and the UK in putting in place laws to enable crowdfunded equity investments. A draft Bill was introduced in …

Could lending to small business end up like consumer lending?

NCCPA NCCP consumer credit ACL credit licensing lawyers experts

These days, small businesses are often seen by governments as a vulnerable class like consumers who need to be protected by regulation. Assistance to small business has been a priority for the Coalition Federal Government. It has gone so far as to create a taxpayer funded advocate for small business …