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AFCA: Paving the way for complaints in the financial system - Oct 2018

The Australian Financial Complaints Authority (AFCA) is a new external dispute resolution (EDR) scheme that has been formed to deal with complaints from consumers against an AFCA member. AFCA replaces the existing EDR schemes, being the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT). Access to AFCA will be free to consumers and it has the following characteristics:

  • it is a single forum for EDR services;
  • it allows higher monetary limits on the amounts that may be awarded by AFCA for complaints other than superannuation complaints;
  • it provides greater accountability to users, including the appointment by the AFCA Board of an independent assessor whose purpose will be to consider whether AFCA provides an appropriate standard of service; and
  • it is governed by the AFCA Complaint Resolution Scheme Rules (Rules) which are the terms of reference outlining the rules and processes applicable to all complaints submitted to AFCA, to support its dispute resolution functions and legislation relating to superannuation disputes.

Florian Ammer, Partner, Elaine Cheung, Senior Associate and James Poulos, Law Clerk, provide an overview of the new Australian Financial Complaints Authority.

Ramping up subcontractor protection – Retention and now ‘Deemed’ Statutory Trusts - Oct 2018

Poor payment practices in the construction industry have faced increasing scrutiny by legislators, culminating in a series of amendments (and proposed amendments) to the security of payment regime.

Partner, Robert Riddell, and lawyer, Brianna Smith, step you through the introduction of retention trusts and the telegraphed statutory trust accounts, explaining how they work and what they mean for you.

Royal Commission Interim Report – What to Expect - Sep 2018

Commissioner Hayne’s Interim Report in the Royal Commission into Misconduct in the Banking Superannuation and Financial Services industries is expected to be provided to the Federal Government by the end of the week.

Bank Guarantees and Insurance Bonds in Construction Contracts: What’s the difference? Are they as good as cash? - Apr 2017

Yes, if the judge says so, but it depends upon which judge is allocated to make the decision and on subtleties of language in the underlying contract and whether the judge thinks the beneficiary is acting unfairly.” [1] 

This article covers the practical differences between these different forms of security and explores circumstances by which a call on security may be prevented. Ted Williams, Partner and Marya Atmeh, Lawyer discuss.

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