Background As a result of the Senate’s referral of the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 (‘the Bill’) to the Economics Legislation Committee (‘the Committee’) for review, a report has been produced by the Committee. This report...

Date Event 30 November 2017 Royal Commission announced – see Media Release – Prime Minister – 30 November 2017 – Royal Commission into Banks and Financial Services and Media Release – Treasurer – 30 November 2017 – Royal Commission into Banks and Financial Services 14...

EXECUTIVE SUMMARY Competition is considered central to the Government’s plans to support innovation and economic growth and deliver better outcomes for consumers and small businesses. On 1 July 2017 the Productivity Commission (Commission) commenced an inquiry into...

Date Event 30 November 2017 Royal Commission announced – see Media Release – Prime Minister – 30 November 2017 – Royal Commission into Banks and Financial Services and Media Release – Treasurer – 30 November 2017 – Royal Commission into Banks and Financial Services 14...

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry have announced the first round of public hearings, to be held between 13 March 2018 - 23 March 2018 in Melbourne. The hearings will focus on consumer lending practices...

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 key...

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 Monday 12...

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...