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The consumer mortgage experience: do lenders shape up? - Sep 2019

On 29 August 2019, ASIC released Report 628: Looking for a mortgage: Consumer experiences and expectations in getting a home loan (REP 628). Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss findings of the Report and how these fit within the Government’s broader plan to address the findings of the Banking Royal Commission.  

Other things to take note of this month - Sep 2019

There have been a number of updates in the industry over the past month from regulators and the Government. Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim summarise the major changes that have occurred.

Banking & Finance Summary Updates - August 2019 - Aug 2019

Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim summarise other significant updates relating to banking and finance in August 2019. 

Westpac wins responsible lending case against ASIC - Aug 2019

Westpac has won against ASIC in a responsible lending case.

Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the significance of this case and its implication for future responsible lending laws. 

APRA applies additional requirements to three major banks in response to self-assessments - Aug 2019

APRA has reported that they have ordered major banks to put aside additional capital in response to the self-assessments they produced.

Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the bank’s self-assessments and their implications. 

Restoring Trust in Australia’s Financial System – Financial Services Royal Commission Implementation Roadmap - Aug 2019

The Australian Government has released the Financial Services Royal Commission Implementation Roadmap.

Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the contents and implications of the Roadmap.  

ASIC v Kobelt [2019] HCA 18 – Supplying “book-up” credit to an Indigenous community - Aug 2019

In a seminal judgment, the High Court of Australia has found the provision of “book-up” credit system to a vulnerable Indigenous community is not unconscionable.

Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the significance of this case and its impact on future interpretations of statutory unconscionability.

ASIC sues ANZ for misrepresentations and unconscionable conduct over account fees - Aug 2019

APRA has commenced proceedings in the Federal Court against ANZ for charging certain periodic payment fees.

Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the significance of this impeding case. 

ASIC finds CCI has ‘consistently failed consumers - Aug 2019

ASIC has found major banks and lenders have consistently failed consumers in their sale of consumer credit insurance.

Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the significance of this finding outlined ASIC’s Report 622. 

Consultation opens on proposed ASIC Regulatory Guidance for mandatory private-sector whistleblower workplace policy content: Best practice, or expecting the tail to wag the dog? - Aug 2019

The new private-sector whistleblower scheme introduced into the Corporations Act 2001 came into operation only on 1 July 2019, but has already prompted significant action by the large, small business, and not-for-profit entities it covers.

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