Corporations Amendment (Financial Advice Measures) Bill Passed
The Senate has passed the Corporations Amendment (Financial Advice Measures) Bill (formerly known as the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 with bipartisan support which essentially completes the FOFA process making some...
Unfair Contract Bill Passed Extending Unfair Contract Terms to Small Businesses
We had previously provided an update on the Treasury Legislation Amendment (Small Business Unfair Contract Terms) Bill 2015 which proposed to extend the consumer unfair contract term protections to standard form small business contracts and allow unfair terms to be...
Update on the Government’s Response to the Financial System Inquiry
The Hon Scott Morrison and the Hon Kelly O'Dwyer released the Government's response to the Financial System Inquiry today in which the Government accepted the majority of the inquiry’s recommendations and included six additional measures (the six additional measures...
28th LawAsia Conference Presentation on Consumer Protection Issues in Insurance
Mark recently presented at the 28th LawAsia Conference on consumer protection issues in insurance. For a copy of the presentation slides email us a request at [email protected]
FOS Circular October 2015
FOS has released a document in Circular, Issue 23 - October 2015 explaining its approach to disputes where an insurer denies a claim because a general insurance contract was cancelled due to the consumer failing to pay a premium. To request a full summary of the...
Update on the Proposed Extension of Unfair Contract Protection to Small Businesses
We had previously provided an update on the Treasury Legislation Amendment (Small Business Unfair Contract Terms) Bill 2015 which proposed to extend the consumer unfair contract term protections to standard form small business contracts and allow unfair terms to be...
Update on the Commencement of Public Consultation on Industry Funding for ASIC
EXECUTIVE SUMMARY Today the Government released a consultation paper seeking stakeholder views on the proposed introduction of an industry funding model for the regulatory activities of the Australian Securities and Investments Commission (ASIC). ASIC has welcomed the...
FOS Circular Published on 22 July 2015
THE FOS CIRCULAR PUBLISHED ON 22 JULY 2015 1.0 CHIEF OMBUDSMAN’S MESSAGE 1.1 As of 15 June 2015 FOS has eliminated the dispute backlog at all stages of our dispute process. This means that there are no disputes that have been unallocated for more than...
Update on ASIC’s Opening Statement to the Parliamentary Joint Committee on Corporations and Financial Services
ASIC has published the opening statement of Greg Medcraft, Chairman of the Australian Securities and Investments Commission (ASIC) to the Parliamentary Joint Committee on Corporations and Financial Services made on 14 August 2015. See Oversight of ASIC, the Takeovers...
The Government’s Reform Priorities for the Financial Services Sector
THE GOVERNMENT’S REFORM PRIORITIES FOR THE FINANCIAL SERVICES SECTOR EXECUTIVE SUMMARY During his address at the Financial Services Council Annual conference, the Hon Josh Frydenberg MP, Assistant Treasurer, has provided details of the Government’s progress to date...