Category Archive: General

ASIC reveals ‘hot spots’ for the insurance industry in 2017

Last week Greg Medcraft, the chairperson of the Australian Securities and Investments Commission (ASIC), delivered a speech to the Insurance Council of Australia Annual Forum on the current insurance environment and ASIC’s priorities for the coming year. Current environment The speech commenced by noting that 2016 was an eventful year for the insurance industry. In …

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ASIC releases world-first fintech licensing exemption

The Australian Securities and Investments Commission (ASIC) has released class waivers which will allow eligible financial technology (fintech) businesses to test certain products and services without needing to obtain an Australian financial services licence or credit licence. ASIC has stated that this exemption is unique, with no other major jurisdiction having implemented a class waiver …

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Discovering the future

Technology assisted document review (TAR) has been ordered for the first time in Australia by the Victorian Supreme Court. Given the large number of documents being created every day and the need to deal with cases at proportionate cost, it was inevitable that Australian courts would follow the US, UK and Irish courts by endorsing …

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ASIC action results in Australia’s largest consumer credit remediation program

Car financier BMW Australia Finance Limited (BMW Finance) has given the Australian Securities and Investments Commission (ASIC) an enforceable undertaking whereby BMW Finance will implement Australia’s largest consumer credit remediation program to compensate customers for its responsible lending failures. BMW Finance provides motor vehicle finance to consumers, both directly and through a network of motor …

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Consultation open on proposed industry funding model for ASIC

Earlier this year, the Government announced that it would introduce an industry funding model for the Australian Securities and Investments Commission (ASIC), commencing in the second half of 2017. The Government has now released two papers: a proposal paper which provides a high-level overview of how the industry funding framework could be applied and a …

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ASIC raises concerns about add-on insurance sold through car dealers

The Australian Securities and Investments Commission (ASIC) has released a report on add-on general insurance policies sold through car dealers. ASIC have concluded that the market is failing consumers and there are serious problems which need to be addressed immediately and comprehensively by insurers. This follows on from two reports released earlier this year about …

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Spring brings Federal and Queensland class actions developments

The sun shines on class actions in Queensland On 5 August 2016, the Queensland government announced its intention to introduce a class action regime. This is the first time class actions will be heard in Queensland courts. Previously, Queensland plaintiffs wanting to commence group proceedings have been required to pursue their claims in other jurisdictions. …

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ASIC releases regulatory guide on digital financial product advice

ASIC has released guidance on providing digital financial product advice to retail clients. Regulatory Guide 255 covers some of the issues that digital advice providers need to consider when operating in Australia, from the licensing stage through to the provision of the advice. Digital advice is the provision of automated financial product advice using algorithms …

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Bank Fees Class Action – High Court Judgment Imminent

Those of you following our coverage of one of the commonly termed ‘Bank Fees Class Actions’; namely, the proceedings of Paciocco & Anor v Australia and New Zealand Banking Group Limited, presently before the High Court of Australia, will be pleased to hear judgment is set to be delivered at 10.00am on Wednesday, 27 July …

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Queensland WorkCover amendments to render contractual indemnities void

It is a serious matter to interfere with the rights of parties to agree between themselves to whatever contractual terms they chose. There is currently a Bill before the Queensland parliament proposing a significant change to the way businesses are allowed to contract with each other and allocate risk for injury to workers. If passed …

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