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Financial Services Regulation - July update

July 02, 2018


Partners Andrew Harkness, Andrew Matthews, Anne Callinan, Barney Cumberland, Don Holborow, James Hawes, Josh Cairns, Michael Pollard
Senior Associates Laurette Barnard

Financial services regulation Anti-money laundering (inc AML/CFT Act) Consumer law

Our monthly Financial Services Regulation Update highlights the key developments affecting the financial services sector.

Three key areas we focus on this month are:

Consumer credit

The Government has concluded that the 2015 changes to the CCCFA are not enough to protect vulnerable borrowers. It is therefore consulting on whether to introduce interest and fee caps, increased licensing or registration for creditors, and other measures for consumer credit contracts.

The Government has also announced its decision to amend section 99(1A) of the CCCFA. A Credit Contracts and Consumer Finance Amendment Bill will be introduced later this year or in early 2019. A creditor will be able to apply to the court for relief from having to forfeit all of the affected interest and fees.


The licensing of insolvency practitioners is back on the legislative agenda. A supplementary order paper to the Insolvency Practitioners Bill 2010 envisages that liquidators, administrators, and receivers of failed companies will need to be fully and actively licensed, rather than merely registered or (as proposed in the Bill  as introduced) subject to negative licensing only. Various other amendments are also proposed to help prevent, and to sanction, incompetence and dishonesty. The Bill has been referred back to the Select Committee to consider the changes.

Money laundering

Suspicious activity reporting has now replaced suspicious transaction reporting.

The implementation of phase 2 of the AML/CFT Act has started. Trust or company service providers, lawyers, and conveyancers are now reporting entities. Other phase 2 businesses and professions will progressively become subject to the regime between now and 1 January 2019 (for example, accountants will become reporting entities on 1 October 2018).

The transitional period for automated PTRs has expired.

For a full copy of this month's update, please register on our law guides page here.