Finder (ASIC): ASIC has commenced civil penalty proceedings in the Federal Court against Finder Wallet Pty Ltd, for allegedly providing unlicensed financial services, breaching product disclosure
American express (ASIC): ASIC has commenced proceedings in the Federal Court against Amex, in ASIC’s first civil penalty case alleging breaches of design and distribution obligations.
Payments system (Treasury):Treasury isplanning to legislatethe largest reforms to our payments systems in a quarter of a century. The overhaul of the payments system will provide protections for consumers who make purchases on their mobile phones, use buy now, pay later platforms, and invest in cryptocurrency…
Litigation funding (Parliament):the report of the Parliamentary Joint Committee on Corporations and Financial Services intoLitigation funding and the regulation of the class action industryhas been released. A scathing report, which agreed that the current regulatory overlay of the sector is too light, it contains some major recommendations…
Insolvency laws (Treasury):the major insolvency law changes proposed as part of the Federal Budget have passed Parliament. The legislation introduces a new, simplified debt restructuring process that can be accessed by small businesses experiencing distress. This process draws on key features of the Chapter 11 bankruptcy…
Consumer remediation (ASIC):ASIC has released a consultation paper on proposed updates toRegulatory Guide 256:Client review and remediation conducted by advice licensees. Consultation Paper 335Consumer Remediation: Update to RG 256(CP 335) includes clarification of RG 256s application to all financial services licensees…
PIP / DDO (ASIC):ASIC has issued aconsultation paper CP 325on the forthcoming guidance for the new financial product design and distribution obligations which come into effect on April 2021. It is a very useful paper summarising to whom the regime applies (page 13) and their obligations (pages 1416)…
BEAR & Westpac (APRA):APRAhas confirmedthat it is investigating Westpac for breaches of theBanking Act 1959(Cth) including the Banking Executive Accountability Regime (BEAR) or contraventions of APRAs prudential standards. The investigation centres on AUSTRACs allegations that Westpac breached AML / CTF laws 23…
Modern slavery (legislation):the Morrison Government will establish a Modern Slavery Expert Advisory Group comprised of representatives from business, academia and elsewhere to provide advice on key issues and strengthen business engagement to effectively implement the new laws…
Class actions (High Court):in a decision with massive implications for the class actions industry, theHigh Court rejected5:2 the joint decisions of the NSW Court of Appeal and Full Federal Court of Appeal that courts have the power to make common fund orders (CFOs). CFOs are essentially an order by the court that…
Westpac AML action (ASIC):following AUSTRACs application to the Federal Court for civil penalty orders against Westpac relating to systemic non-compliance with theAML/CTF Act 2006(Cth) (Act) on over 23 million occasions, and as anticipated (see last weeks wraphere), ASIC and APRA have separately announced investigations into the matter…
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