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 …

Competition law – 10 key changes in effect now

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It’s been a long time coming. Significant reforms to Australia’s competition laws recommended by the Harper Review back in 2015 came into effect on Monday, 6 November 2017. This article highlights 10 key changes to the Competition and Consumer Act 2010 (Cth) (CCA). We’ve also produced a Quick Guide to …

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 …

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 …

Self-reporting of significant breaches for credit licensees proposed

Australian credit licence (ACL) holders will have to self-report significant actual or likely breaches of their licence obligations if a proposal by the taskforce conducting a Review of ASIC Enforcement (Taskforce) is adopted. One of the responsibilities of the Taskforce is to look at the adequacy of the framework for …

4 reasons why you should now consider a responsible lending compliance review

North Sydney business lawyers

Credit assessment is no longer just about managing credit risk: it’s also a compliance obligation. Responsible lending under the credit legislation requires credit licensees to: make reasonable inquiries about the consumer’s requirements and objectives and financial situation; take reasonable steps to verify the consumer’s financial situation; make an assessment whether …

“Worth the Whistle”​ – Australia to shake-up whistleblower laws

Whistleblower laws in Australia have been the subject of recent media and parliamentary scrutiny, with calls for greater protections for those who disclose wrongdoing. As part of an agreement with Senator Nick Xenophon to get its industrial relations reforms through the Senate in November 2016, the Federal Government agreed to …