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Financial Services Regulation - October update

October 01, 2019

Contacts

Partners Andrew Harkness, Anne Callinan, Barney Cumberland, Don Holborow, James Caird, Karen Ngan, Michael Pollard
Senior Associates Laurette Barnard

Financial services regulation Unfair contract terms Consumer law

Keep up-to-date with the key developments affecting the financial services sector.

Key areas this month are:

New conduct regime for financial institutions

The Government plans to introduce a new conduct licensing regime for banks, insurers, and non‑bank deposit takers. They will be subject to a new fair treatment standard, with fines of up to $5 million for serious conduct breaches. New rules will apply around how they remunerate and incentivise their staff and intermediaries, with target‑based incentives to be banned. 

Unfair contracts and conduct

The Fair Trading Act protects consumers against unfair contract terms in standard form contracts. This protection is now to be extended to business contracts of less than $250,000. A prohibition against “unconscionable conduct” towards both consumers and businesses will also be introduced. 

Consumer credit

The Credit Contracts Legislation Amendment Bill of April 2019 proposes various changes to the Credit Contracts and Consumer Finance Act. The Government has now announced further measures to be added, including a daily cost-of-credit cap for high-cost consumer loans (payday loans and the like).

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