A winter change is coming – fee consent and lack of independence

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Courtesy of the latest round of Royal Commission legislation[1], from 1 July 2021 financial advice firms need to update their Financial Services Guides (FSGs), Ongoing Service Agreements and Financial Disclosure Statements (FDSs). The

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04 Jun 2021

Breach reporting is about to become more onerous

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A new breach reporting regime will commence on 1 October 2021 and it will be more onerous on licensees than ever before. One of the most notable changes is that

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06 Apr 2021

BNPL Code – to B or not to B a member?

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The Australian Finance Industry Association (AFIA) has released a new voluntary Buy Now Pay Later (BNPL) Code (Code) to address criticism that the industry is under-regulated and to enhance consumer

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15 Mar 2021

Best interests duty – mortgage broker = Join the club

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The new mortgage broker’s best interests duty obligations are wide reaching. They may apply even if you’re providing credit assistance that doesn’t relate to a mortgage. Who does it apply

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17 Feb 2021

Protecting vulnerable insureds – Not as straightforward as it seems

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From 1 July, subscribers to the General Insurance Code of Practice 2020 (Code) must take extra care of small businesses and individuals who have purchased a retail insurance product and are ‘vulnerable’.

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08 Dec 2020

Insurance PDS Obligations – ticking the box and thinking outside it

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Product Disclosure Statements (PDSs) are subject to a range of regulatory obligations but they can also support commercial objectives (for example, a business that prides itself on speaking in plain

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26 Nov 2020

Changes to Internal Dispute Resolution (IDR) procedures – what it means for you

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New Internal Dispute Resolution requirements (RG 271) – what are the key take outs and considerations for insurers? ASIC released its new Regulatory Guide (RG 271) on complaints handling and

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02 Oct 2020

Issuing MCI securities – Practical learnings 12 months on

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Last year innovative and landmark reforms were introduced that gave companies limited by guarantee the ability to raise capital by issuing mutual capital instruments ( MCIs) without risking their status as

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07 Sep 2020

History repeats – The risks of inadequate due diligence

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Exposure to historical non-compliance can be fatal for purchasers but many don’t include it in their due diligence. ASIC is on the warpath and you can be liable even if

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24 Jul 2020

In a bind? Traps in binder agreements

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Binder agreements are regularly entered into by insurance agents or brokers who are seeking to offer insurance on behalf of the insurer. A party that holds a binder will perform

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09 Jul 2020