New Banking Code of Practice

  Click here for full size image.  Authored by: Annette Gaber, Partner Anna Koumides, Senior Associate

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One step closer to AFCA

On 23 April 2018, the Minister for Revenue and Financial Services authorised operation of the Australian Financial Complaints Authority (AFCA), which will start accepting complaints from 1 November 2018. This month, ASIC released Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority, having been released early to assist with a seamless transition to the […]

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Is payment under your bank guarantee really guaranteed?

An unconditional bank guarantee is widely regarded as being “as good as cash”. However, calling on a bank guarantee requires strict compliance with the wording of the guarantee. The recent case of Santos Limited v BNP Paribas [2018] QSC 105 demonstrates just how “strict” an approach banks are entitled to take on demands on such […]

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A welcomed authorisation of AFCA!

Read previous article: AFCA to be receiving disputes by 1 November 2018   On 1 May 2018, the Minister for Revenue and Financial Services authorised the operation of the Australian Financial Complaints Authority (AFCA): a new single external dispute resolution (EDR) scheme for consumer and small business complaints. The Minister announced that: All financial firms required […]

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AFCA to be receiving disputes by 1 November 2018

In May 2017, Professor Ian Ramsay’s final report of the Review of the financial system external dispute resolution and complaints framework (Final Report) was released.  The most significant recommendation contained in the report was to establish a single external dispute resolution body for financial and superannuation disputes to replace FOS, SCT and CIO.  The Government […]

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Mandatory data breach notification scheme now in effect – what you need to know

Amendments to the Privacy Act 1988 (Cth) (Privacy Act) came into effect on Thursday 22 February 2018. Under the Privacy Act, regulated entities are obliged to take reasonable steps to protect personal information from misuse, interference and loss, unauthorised access, modification or disclosure. The amended Privacy Act now includes a scheme under which certain organisations […]

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Digital deadline for caveats

Originally published on PEXA’s website here. The deadline for lodging caveats online in Victoria takes effect this December. Partner Peter Grotjan speaks with PEXA of our readiness for the industry’s digital transformation. Q. The deadline for lodging caveats online in Victoria is now only a few months away – how has your firm prepared for […]

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Alignment with the National Mortgage Form

In the last 12 months there have been changes to the processes for each land registry across Australia (collectively referred to as the Land Registry) to accommodate e-settlements as we move towards an ‘alignment’ of forms and procedures across all jurisdictions. The process of aligning all jurisdictions to using a uniform set of forms and […]

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Ramsay review final report and the establishment of the Australian Financial Complaints Authority

Professor Ian Ramsay’s final report of the Review of the financial system external dispute resolution and complaints framework (Final Report) was released last week. The most significant of the 11 recommendations contained in the Final Report is the establishment of a single external dispute resolution body for financial and superannuation disputes, to replace FOS, CIO […]

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Vacant Property Tax in Victoria

From 1 January 2018 a vacant residential property tax will be introduced in Victoria. The purpose of the tax is to discourage owners having properties vacant for a cumulative period longer than 6 months within a calendar year. The tax is limited geographically to properties located in the following Councils as highlighted in orange below: […]

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Interview with Philip Field, Lead Ombudsman – Banking and Finance, Financial Ombudsman Service

Partner Annette Gaber and Senior Associate Anna Koumides speak with Philip Field, Lead Ombudsman of Banking and Finance from the Financial Ombudsman Service. To read the interview, click here.

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“Cracking the Code” – The Khoury Review

The Australian Bankers’ Association (ABA) commissioned a review of the Code of Banking Practice (Code) as part of a range of industry initiatives announced on 21 April 2016 (Review).  Broadly speaking, the Terms of Reference for the Review are to identify whether the Code is serving its purpose, is meeting reasonable stakeholder expectations and where […]

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