New Banking Code of Practice
With demand for the banks to meet community standards, the ABA has released the new Banking Code of Practice to enhance banking services, with effect from 1 July 2019. Click here for full size image. Authored by: Annette Gaber, Partner Anna Koumides, Senior Associate
ReadmoreOne 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 […]
ReadmoreIs 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 […]
ReadmoreA welcomed authorisation of AFCA!
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 to have a dispute resolution system to deal with complaints from consumers […]
ReadmoreAFCA 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 […]
ReadmoreCompensation Claims for Lodging Caveat Without Reasonable Cause
The recent Supreme Court decision of Mukhtar AsJ in KB Corporate Pty Ltd v Sayfe & Anor [2017] VSC 623 concerned caveats lodged by the defendant caveator without a supporting caveatable interest. The Court was asked to determine whether the caveats were lodged without reasonable cause and whether the caveator was liable to pay compensation to the […]
ReadmoreMandatory 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 […]
ReadmoreDigital 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 […]
ReadmoreAlignment 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 […]
ReadmoreRamsay 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 […]
ReadmoreVacant 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: […]
ReadmoreInterview 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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