Introducing the Australian Financial Complaints Authority: A Comparison Guide

The Australian Financial Complaints Authority commences on 1 November 2018. We have prepared this guide which sets out some of the key differences between FOS and AFCA and their jurisdiction to consider complaints. Click here to view.  Authored by:  Annette Gaber, Partner Clementine Woodhouse, Associate

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Rights of a mortgagee dispossessed of land

If you are a mortgagee, or acting for one, you may encounter a situation where you have obtained judgment against a mortgagor for possession of land and, after executing a warrant of possession to gain vacant possession, the mortgagor and/or their associates have unlawfully re-entered the property. In a recent Supreme Court of Victoria case[1] […]

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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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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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Compensation 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 […]

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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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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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Tips for early resolution of banking disputes

Natalie McCabe, Senior Associate, Melbourne In November 2016, the Standing Committee on Economics issued its Review of the four major banks (first report). The report contains 10 recommendations, one of which is that the Government give ASIC the power to collect recurring data about internal dispute resolution (IDR) schemes of Australian financial services licensees. In […]

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