Insights

Unfair contracts changes: wider scope and new penalties
Nik Albrecht Nik Albrecht

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.

Read More
9 reasons your TMD might be defective
Nik Albrecht Nik Albrecht

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.

Read More
Compliance Outsourcing: A Model that Works
Nik Albrecht Nik Albrecht

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.

Read More
Anti-Hawking: What’s changing?
Nik Albrecht Nik Albrecht

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…

Read More
Cyber risk management: now a core AFSL obligation
Nik Albrecht Nik Albrecht

Cyber risk management: now a core AFSL obligation

The decision in ASIC v RI Advice Group has wide-reaching implications for AFSL holders, and should prompt many to review their cyber-security arrangements ASAP. The AB Cyber team explains in more detail.

Read More
Duty of disclosure: what’s changing?
Nik Albrecht Nik Albrecht

Duty of disclosure: what’s changing?

The result of another Royal Commission recommendation, as of 5 October 2021, insurance sold to retail will no longer benefit from the protection of the duty of disclosure. Instead, it will be replaced with a lesser duty – a duty to take reasonable care not to make a misrepresentation to an insurer. Let us explain the difference.

Read More
ASIC Breach Reporting Changes
Nik Albrecht Nik Albrecht

ASIC Breach Reporting Changes

ASIC's new breach reporting rules: Automatic reporting for some breaches, tighter scrutiny, more frequent reporting - from 1 Oct 2021.

Read More
AFCA Guide – Not a Level Playing Field
Nik Albrecht Nik Albrecht

AFCA Guide – Not a Level Playing Field

Even on a stand-alone basis, AFCA is a deeply problematic forum for financial services licensees, and being a member will dramatically increase the financial risk attached to a financial services business.

Read More