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 …

NPP + NDB

  The New Payments Platform (NPP) and Notifiable Data Breaches (NDB) are both starting in early 2018. It’s now time to assess your readiness and update your policies, procedures and documentation. NPP If you are participating in the NPP, you will have to amend your account and payment facility terms …

Open Banking for Australia: hand over your data

The Federal Government announced in the 2017-18 Budget that it would introduce an “Open Banking” regime in Australia. Under Open Banking, banks will have to share product and customer data with customers and third parties, if the customer gives consent. There is already plenty of sharing of bank data. Accounting software such …

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 …

How to get ready for Notifiable Data Breaches

On 29 January 2015, Anthem Inc, one of the largest health benefits companies in the United States, discovered that cyber attackers had gained access to its IT system. The hackers stole personal information relating to Anthem customers and other independent health plans that work with Anthem. It is reported that …

Metadata: what’s it all about?

Can metadata be personal information protected by Australia’s Privacy Act? A recent case considered this question. Defining metadata Before looking at the case, we should define what we mean by “metadata”. Let’s use an example of a client file that a professional adviser would hold for a client. Inside the …

Data access and transfer rights – a new regulatory framework proposed

The generation of data is increasing exponentially: it is estimated that 90% of the world’s information has been created in just the last two years. The Productivity Commission believes Australia’s regulatory framework to deal with this tsunami of information is out of date and needs to be overhauled. Its draft …