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 on 1 July this year. Legislation for the Australian Financial Complaints Authority has also been enacted.

There is draft legislation for mandatory comprehensive credit reporting, and for amendments to the Australian Consumer Law.

APRA now has new powers over non-bank lenders and for crisis management, and has made prudential regulation proposals for capital, private health insurance and cyber security.

ASIC has been active in enforcement, including legal proceedings, enforceable undertakings, and other negotiated outcomes dealing with responsible lending and add-on insurance.

Looking further ahead, the Productivity Commission’s review of competition in the financial system will be handing down recommendations that could have major operational impacts, while the Open Banking review has laid out a vision of how open access to banking data will work.

We hope you find the update helpful in keeping track of regulatory developments.

Kathleen Harris and Patrick Dwyer Legal Directors