BACKGROUND The Treasury Laws Amendment (Putting Consumers First – Establishment of the Australian Financial Complaints Authority) Bill (AFCA Bill) was passed on 14 February 2018. The AFCA Bill amends the Corporations Act 2001 and other Acts to introduce a single new...
The RC initial hearing on 12 February 2018 has provided valuable information and insights. Key matters are: First round of hearings – To be conducted in 1 months’ time. Considers whether in relation to lending consumers are enjoying the right of all Australians to be...
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has today published Practice Guideline 3 – Leave to Appear and Witnesses. IMPORTANT NOTICE This document is designed to provide helpful general guidance on some...
On 22 January 2018, the Royal Commission announced: It will hold an initial public hearing – At this hearing the Commissioner and Senior Counsel Assisting will make short opening statements. No witnesses will be called. It will occur in Melbourne at 10am on...
The following paper focusses on the changes as they apply to general and life insurance and discretionary mutual products only and is current as at 16/1/18 SUMMARY OF THE NEW OBLIGATIONS What is changing – The Corporations Act being amended to: include the following...
