Financial Services and Credit Quarterly Update July 2018

We’ve just published our latest Financial Services and Credit Quarterly Update for July 2018, and you can download a free copy from here. We look at all of the main legal developments over the last three months. There is an in-depth article on the review of the Commonwealth Bank commissioned by …

First credit card reform starts 1 July

From 1 July 2018, it will be illegal for a credit provider to make an invitation to increase the credit limit for a credit card contract, even if the customer has given informed consent to receive invitations. This is the first of four credit card reforms that were legislated in …

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 …

Blockchain, smart contracts, cryptocurrency and ICOs

BLOCKCHAIN AND SMART CONTRACTS What is a blockchain? A blockchain is a form of ‘distributed ledger’ technology which does away with the need for a central ledger record. “A blockchain is a tamper-evident, shared digital ledger that records transactions in a public or private peer-to-peer network. Distributed to all member …

Financial Services and Credit Quarterly Update – January 2018

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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 …

Soon it will be easier to become a bank

Regulation makes it hard to set up a new bank in Australia. But the Government says the banking system should be more competitive. Well, wouldn’t it be more competitive if they made it easier to become a bank? Finally, something is being done. The Australian Prudential Regulation Authority (APRA) recently …

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 …