Insights
Unfair contracts changes: wider scope and new penalties
Under recent changes to the ACL, unfair contract terms are now illegal and attract heavy fines. Not only that, but the range of business customers caught has been dramatically extended. In simple terms, if you use a contract frequently, and negotiate it rarely, you are probably impacted.
9 reasons your TMD might be defective
Despite the industry-wide effort that went into the FSC standardised template for Target Market Determinations, including extensive consultation with ASIC, it now appears a serious mismatch has developed between existing TMD’s and ASIC’s expectations. The result is that many TMDs that were made with the best of intentions may now be defective. We’ve listed some of the common pitfalls.
Compliance Outsourcing: A Model that Works
At AB we believe that Compliance is perfectly suited to an outsourced model. By working together from the outset, we are confident that a great solution can be designed for any client.
Anti-Hawking: What’s changing?
Anti-hawking regulation is nothing new – in fact the current regulations came into effect in 2002, and have always (basically) prohibited businesses from offering a financial product through an unsolicited meeting or phone call. Commissioner Hayne determined that this didn’t go far enough as, even when the hawker is not ‘unscrupulous’ the consumer is nonetheless ‘unsuspecting’. What does that mean? Read on…
ASIC Breach Reporting Changes
ASIC's new breach reporting rules: Automatic reporting for some breaches, tighter scrutiny, more frequent reporting - from 1 Oct 2021.