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