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In the first contested decision on the specific obligations of responsible lending, in Australian Securities and Investments Commission v Westpac Banking Corporation (Liability Trial) [2019] FCA 1244 Justice Perram of the Federal Court dismissed ASIC’s claims that firstly Westpac’s computer-operated loan approval system failed to have regard to any of the living expenses declared by consumers on their loan application forms and secondly that Westpac’s loans having an initial interest only period before payment of…
I am frequently asked to recommend which of my videos a person should see if they are a new employee in the financial sector, are returning to work after a break or need a refresher. I have put together a new package containing the following courses: Introduction to banking and financial services regulation; Marketing law for financial services providers; Privacy law for financial services providers; AML/CTF for financial services providers; Introduction to dispute resolution. Bought…
I am frequently asked to recommend which of my videos a person should see if they are a new employee in the financial sector, are returning to work after a break or need a refresher. I have put together a new package containing the following courses: Introduction to banking and financial services regulation; Marketing law for financial services providers; Privacy law for financial services providers; AML/CTF for financial services providers; Introduction to dispute resolution. Bought…
The Attorney General has announced that the proposed mandatory comprehensive credit reporting scheme will be amended to allow hardship information to be reported alongside repayment history information. Background. Currently, due to provisions in the Privacy Act, when a person is engaged in a hardship arrangement with one credit provider, this arrangement cannot be disclosed to other credit providers. The National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018 lapsed when it was…
While businesses often have trouble meeting “soft” laws (principles-based laws), obligations such as the due dates for lodging reports should be recorded in a risk and compliance database and allocated to specific positions so that they are not missed. Reporting Calendar. The Australian Prudential Regulation Authority (APRA) has announced that it has served infringement notices on Westpac Banking Corporation (Westpac) and two of its subsidiaries for failing to meet their legal obligations to report…
While businesses often have trouble meeting “soft” laws (principles-based laws), obligations such as the due dates for lodging reports should be recorded in a risk and compliance database and allocated to specific positions so that they are not missed. Reporting Calendar. The Australian Prudential Regulation Authority (APRA) has announced that it has served infringement notices on Westpac Banking Corporation (Westpac) and two of its subsidiaries for failing to meet their legal obligations to report…
ASIC is consulting on a draft Regulatory Guide on Whistleblower policies which will give guidance for entities that must have a whistleblower policy from 1 January 2020: public companies, large proprietary companies and proprietary companies that are trustees of registrable superannuation entities. Background. The ASIC consultation paper also seeks feedback on whether ASIC should provide legislative relief to public companies that are small not-for-profits or charities as well as small proprietary companies and small…
ASIC is consulting on a draft Regulatory Guide on Whistleblower policies which will give guidance for entities that must have a whistleblower policy from 1 January 2020: public companies, large proprietary companies and proprietary companies that are trustees of registrable superannuation entities. Background. The ASIC consultation paper also seeks feedback on whether ASIC should provide legislative relief to public companies that are small not-for-profits or charities as well as small proprietary companies and small…
ASIC has issued Infosheet 241 to give guidance to superannuation trustees in relation to the recently amended section 68A of the Superannuation Industry (Supervision) Act 1993 which provides that using improper inducements to influence employers in their choice of default fund is illegal. Section 68A prohibits a trustee, or its associates, from using goods or services to influence employers to nominate a default superannuation fund for employees, or to encourage employees to choose or retain…
ASIC has issued Infosheet 241 to give guidance to superannuation trustees in relation to the recently amended section 68A of the Superannuation Industry (Supervision) Act 1993 which provides that using improper inducements to influence employers in their choice of default fund is illegal. Section 68A prohibits a trustee, or its associates, from using goods or services to influence employers to nominate a default superannuation fund for employees, or to encourage employees to choose or retain…