Network Law Online News

tag:blogger.com,1999:blog-36791462009-03-25T13:54:49.748+10:00Network Law Online NewsAustralian Financial Services NewsNLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comBlogger207125tag:blogger.com,1999:blog-3679146.post-89288127129169706222009-03-25T13:49:00.001+10:002009-03-25T13:54:49.768+10:00

New Australian Consumer Law: national unfair contracts lawAssistant Treasurer Chris Bowen has announced that the national consumer protection law which was agreed between the Commonwealth and the states last year, will be fast tracked with a bill to be introduced by June 2009 and commencement on 1 January 2010.Proposals for the law are outlined in a consultation paper (An Australian Consumer Law:

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-29221411921453806892009-03-25T13:47:00.000+10:002009-03-25T13:48:31.298+10:00

Increase in disputes received by Financial Ombudsman Service The Financial Ombudsman Service reports that it has seen a significant increase in the number of new disputes received. It experienced an average 45.4% rise across all divisions in the six months to 31 December 2008, compared with the same period in 2007. This reflected a substantial 85.5% rise in new disputes within Investments, Life

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-45222187512996959152009-03-25T13:45:00.000+10:002009-03-25T13:46:42.650+10:00

Bank account switching On 1 November 2008, a new Account Switching Package came into effect with banks, credit unions and building societies now offering full listing and switching services to customers.To assist customers who want to switch, financial institutions are now obliged to provide customers with a list of all their regular direct debits and credit from the last 13 months to help them

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-84015866335928589912009-03-25T13:40:00.000+10:002009-03-25T13:45:09.329+10:00

Mortgage duty updateCurrently Victoria, Tasmania, ACT, NT, Queensland and Western Australia have no mortgage duty.South Australia will abolish mortgage duty on 1 July 2009.In New South Wales, mortgage duty has already been abolished on owner occupied housing and investment housing. But the abolition of the remaining mortgage duty has been deferred until 1 July 2012.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-60789063162058688922009-03-25T13:36:00.000+10:002009-03-25T13:39:44.191+10:00

New rules for Queensland mortgagee salesThe Queensland Property Law (Mortgagor Protection) Amendment Act 2008 has amended section 85 of the Property Law Act to require that, unless they have a reasonable excuse, mortgagees or receivers selling Queensland property secured by consumer credit mortgages must: adequately advertise the sale; and obtain reliable evidence of the property's value; and

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-23470630093088111702008-09-19T06:54:00.002+10:002008-10-02T13:32:03.139+10:00

ASIC review of financial services EDR schemesASIC has released Consultation Paper 102: Dispute Resolution – update of RG 139 & RG 165 proposing improvements to the way financial services businesses resolve disputes with consumers, including harmonisation of the different schemes.A key proposal of ASIC’s is to replace monetary limits with a cap on compensation that can be awarded by an external

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-19012421569407378732008-09-19T06:54:00.000+10:002008-09-19T06:55:11.924+10:00

Responsible Lending Practices: Consumer Credit CardsThe Ministerial Council on Consumer Affairs has released a consultation Regulatory Impact Statement on Responsible Lending Practices in Relation to Consumer Credit Cards (pdf).The Paper discusses options to assist consumer choice of card products and protect consumers from lending practices which provide continuing credit at levels which cannot

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-19553110455602496292008-08-22T05:12:00.001+10:002008-08-22T05:12:57.244+10:00

AML and finance brokersAUSTRAC has published an information sheet on its interpretation of the AML obligations of finance brokers.Comments include:Finance brokers who are holders of an Australian financial services (AFS) licence and only provide the designated service specified in item 54 of table 1 in section 6 of the AML/CTF Act, will have suspicious matter reporting (SMR) obligations from 12

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-90992676706773019922008-08-22T05:11:00.001+10:002008-08-22T05:11:38.725+10:00

First Home Saver Accounts: training requirements for financial product advisersASIC has released an update to RG 146 Licensing: Training of financial product advisers (pdf) to include new requirements for people who give advice about First Home Saver Accounts (FHSA's).ASIC has applied the Tier 2 level to courses and individual assessments that cover First Home Saver Account (FHSA) deposit

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-84095129063936841322008-08-22T05:07:00.000+10:002008-08-22T05:09:56.711+10:00

Privacy Law ReformThe Australian Law Reform Commission has released its Report "For Your Information: Australian Privacy Law and Practice".The 3 volume report covers most areas of privacy law and makes 295 recommendations for reform, starting with the recommendation that the Privacy Act 1988 be redrafted and restructured to achieve significantly greater consistency, clarity and simplicity.The

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-33794330696322241002008-08-22T05:05:00.000+10:002008-08-22T05:07:13.452+10:00

Queensland consumer credit interest cap commenced on 31 JulyThe Consumer Credit (Queensland) Special Provisions Regulation 2008 commenced on 31 July 2008.Any Consumer Credit Code regulated loans made in Queensland (or made interstate to Queensland residents) after that date are subject to a maximum annual percentage rate of 48 per cent.The cap also applies to existing contracts if they are

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-76862997528991425872008-08-22T05:01:00.001+10:002008-08-22T05:05:06.112+10:00

Transfer of consumer credit regulation to CommonwealthOn 3 July the Commonwealth Government reached agreement with the States and Territories at the Council of Australian Governments (COAG) meeting in Sydney, to assume responsibility for regulation of all consumer credit.What is still unknown is whether the existing Consumer Credit Code will be adopted "as is" by the Commonwealth or whether new

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-65111984492801529012008-06-18T10:17:00.001+10:002008-06-18T10:19:30.213+10:00

Mortgage duty reduction schedule updateCurrently Victoria, Tasmania, ACT and NT have no mortgage duty. Queensland and Western Australia will abolish mortgage duty on 1 July 2008. In New South Wales, mortgage Duty in respect of investment housing will be abolished from 1 July 2008, followed by the complete abolition of mortgage duty from 1 July 2009 (brought forward from 1 January 2011). NSW

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-70421379051780628802008-06-04T06:58:00.001+10:002008-06-04T06:58:25.506+10:00

Green Paper on Financial Services and Credit Reform Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has released a Green Paper on Financial Services and Credit Reform. The Green Paper outlines options for the Commonwealth and states to transfer the remaining financial services regulation from the State level. Under the plan, financial services, including

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-67933719609778965642008-06-04T06:56:00.000+10:002008-06-04T06:57:23.263+10:00

Financial Claims Scheme to protect depositors The Treasurer has announced the Government's intention to introduce legislation to establish a Financial Claims Scheme (FCS)to assist depositors and policyholders in the event that an authorised deposit?taking institution (ADI) or general insurer fails. Wayne Swan's Ministerial Statement In light of the potential for delays to cause real hardship,

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-66550735090920502472008-06-04T06:53:00.000+10:002008-06-04T06:54:16.965+10:00

Queensland mortgage duty abolishedUnder the Queensland State Budget announced on 3 June 2008, full abolition of mortgage duty has been brought forward to 1 July 2008 (previously 1 January 2009).

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-7174983103397442442008-04-18T07:03:00.000+10:002008-04-18T07:04:28.560+10:00

Instalment Contracts and the Uniform Consumer Credit Code The Justice Legislation Amendment Bill 2008 (pdf) has been introduced into the Queensland Parliament to amend the Consumer Credit Code (the Code) to ensure particular contracts for the sale of land or goods by instalments (known as ‘terms sale of land contracts’, ‘conditional sale agreements’ and ‘tiny terms contracts’) are credit

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-62897035960491972412008-04-18T07:02:00.001+10:002008-04-18T07:02:51.895+10:00

Consumer credit interest rate cap for Queensland The Consumer Credit (Queensland) and Other Acts Amendment Bill 2008 (pdf) has been introduced into Queensland Parliament. The Biil, if passed, will introduce the concept of a maximum annual percentage rate for consumer credit contracts. In calculating the rate, fees and charges will be taken into account. The Regulations are expected to

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-55177830572138897122008-03-25T12:32:00.002+10:002008-03-30T08:56:10.539+10:00

Daylight saving endsWestern Australia ends daylight saving on 30 March, 2008.Australian Capital Territory, New South Wales, Victoria, Tasmania and South Australia end daylight saving on 6 April 2008.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-39551875121024898242008-02-25T06:52:00.002+10:002008-02-25T06:52:47.737+10:00

First Home Saver Accounts The Government has confirmed its intention to establish First Home Saver Accounts from 1 July 2008 to assist Australians to save for their first home. The account may be opened by individuals aged 18 and over who: has not previously purchased or built a first home in Australia to live in;does not have or has not previously had an account; andmakes an initial

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-10489263342134988882008-02-09T09:34:00.000+10:002008-02-12T16:40:21.340+10:00

Government to facilitate bank account switchingFollowing a meeting with the Council of Financial Regulators on 8 February 2008, the Treasurer has announced a package of 4 measures to promote competition in the retail banking market by making it easier for customers to switch accounts between banks. The measures are: A listing and switching service that requires banks to provide their

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-29392529873998508522007-12-10T11:04:00.000+10:002007-12-10T11:05:22.810+10:00

AML update: education and training resources From 12 December 2007, businesses which deliver services outlined under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (including financial services), need to have in place an anti-money laundering and counter-terrorism financing program. To assist businesses, AUSTRAC has published an e-learning course and industry resources (

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-71795382416996298232007-11-29T05:54:00.000+10:002007-11-29T05:57:03.646+10:00

National Finance Broking Scheme consultation package released The Ministerial Council on Consumer Affairs (MCCA) has released a package (pdf) (including an exposure draft Bill) proposing finance broking legislation which is consistent nationally, and which extends to protections for small business clients. Its core feature will be the licensing of brokers. All types of broking structures

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-43074065371884072882007-11-20T09:54:00.000+10:002007-11-20T09:58:04.158+10:00

Austrac AML deadline approaches From 12 December 2007, businesses which deliver services outlined under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (including financial services), need to have in place an anti-money laundering and counter-terrorism financing program. As part of this program, businesses must establish and document procedures to collect and verify

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-5698164944985657892007-09-30T12:44:00.000+10:002007-09-30T12:47:42.186+10:00

Daylight saving starts 7 OctoberTasmania starts daylight saving on 7 October 2007.Australian Capital Territory, New South Wales, Victoria, Western Australia and South Australia start on 28 October. All end on 30 March, 2008, except South Australia which ends on 6 April 2008.Queensland and the Northern Territory do not have daylight saving.Confused? Use ABC's Clock.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.com