How lenders and brokers should assess credit card costs now

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New responsible lending rules have changed the way brokers and lenders should now calculate credit card costs in all lending applications . In the first part of this series, we explained what the new responsible lending rules for credit cards are. These new rules also affect how you should calculate credit card costs in all other loan […]

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TPB ups the ante on privacy consent

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Registered tax (financial) advisers have a higher obligation than other financial planners when disclosing information about their clients to third parties. This is because the Tax Practitioners Board’s (TPB) Code of Professional Conduct has more stringent requirements than the Privacy Act. How the TPB and the Privacy Act differ There are three key differences between […]

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Impact of the GDPR on Australian businesses

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You may think you’re not affected by the European Union’s new General Data Protection Regulation because you don’t advise clients in the EU? Think again – especially if you use apps like Mailchimp or DocuSign. Even if you merely monitor your clients’ behaviour when they are travelling in the EU, you’ll need to comply with […]

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FOS / AFCA transition involves much work for AFL licensees

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By now, all credit and financial services licensees, and superannuation trustees must have joined AFCA. But don’t overlook the additional work required to effectively transition from your existing external dispute body to AFCA by 1 November 2018. The two key things you need to do are: 1. Update documents and your website to refer to […]

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It’s AML-CTF review time

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AUSTRAC is serious about anti-money laundering and counter terrorism (AML-CTF). Just take a look at their recent actions against the Commonwealth Bank of Australia. Any business that has an AML-CTF Program must have it reviewed regularly. This now includes digital currency exchanges. Who can do this review depends on whether your business has a Part A or […]

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How to use customer information for marketing and referrals

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Organisations often want to use customer information for marketing and to pass it on to third parties with whom they have arrangements such as strategic alliances and referrals. Although it’s not strictly necessary to obtain the customer’s consent to do so, you do need to have notified the customer of how you’ll use or disclose […]

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