Industry changing developments in the Banking & Finance Sector – July/August 2019

Since the beginning of the new financial year, there have been many industry changing developments in the banking sector. Implementation of the recommendations of the Royal Commission in to Banking Industry are well underway, and ...

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Implementing the Recommendations of the Banking Royal Commission – Legislative Agenda

On Monday 19 August 2019, the Federal Treasurer, The Hon Josh Frydenberg MP , released the "Implementation Road map" detailing the timetable for implementing the reforms recommended in the Financial Services Royal Commission’s F...

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Responsible Lending guidance in turmoil following decision by the Federal Court in the Westpac case

Contents: 1. The Case 2. The First Case on Responsible Lending 3. Westpac Saves $35million 4. Issues on which the case was decided 4.1 Taking Declared Living Expenses into Account in the Credit Assessment Process 4.2 Determi...

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ASIC Public Hearings on Responsible Lending Reforms to take place next week

ASIC has announced it will hold public hearings in Sydney on 12 August 2019 and Melbourne on 19 August 2019 in response to its proposal to update guidance on responsible lending. When ASIC released consultation paper CP 309 in...

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Reforms to Debt Administration Agreements showing potential to reshape the debt administration industry

The Bankruptcy Amendment (Debt Agreement Reform) Act 2018 (Cth) was designed to and is already having a major impact on the debt administration industry in Australia following its commencement on 27 June 2019. The aim of the le...

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Hold the Phones! ASIC moves to ban unsolicited telephone sales of direct life insurance and consumer credit insurance

ASIC has proposed to ban unsolicited telephone sales of life insurance (including funeral insurance) and Consumer Credit Insurance (CCI) when sold with general or no advice. This proposed ban will even extend to financial advisers...

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