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AFCA to be receiving disputes by 1 November 2018

In May 2017, Professor Ian Ramsay’s final report of the Review of the financial system external dispute resolution and complaints framework (Final Report) was released. The most significant recommendation contained in the report was to establish a single external dispute resolution body for financial and superannuation disputes to replace FOS, SCT and CIO. The Government […]

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Compensation Claims for Lodging Caveat Without Reasonable Cause

The recent Supreme Court decision of Mukhtar AsJ in KB Corporate Pty Ltd v Sayfe & Anor [2017] VSC 623 concerned caveats lodged by the defendant caveator without a supporting caveatable interest.  The Court was asked to determine whether the caveats were lodged without reasonable cause and whether the caveator was liable to pay compensation to the […]

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Mandatory data breach notification scheme now in effect – what you need to know

Amendments to the Privacy Act 1988 (Cth) (Privacy Act) came into effect on Thursday 22 February 2018. Under the Privacy Act, regulated entities are obliged to take reasonable steps to protect personal information from misuse, interference and loss, unauthorised access, modification or disclosure. The amended Privacy Act now includes a scheme under which certain organisations […]

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Digital deadline for caveats

Originally published on PEXA’s website here. The deadline for lodging caveats online in Victoria takes effect this December. Partner Peter Grotjan speaks with PEXA of our readiness for the industry’s digital transformation.   Q. The deadline for lodging caveats online in Victoria is now only a few months away – how has your firm prepared […]

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Alignment with the National Mortgage Form

In the last 12 months there have been changes to the processes for each land registry across Australia (collectively referred to as the Land Registry) to accommodate e-settlements as we move towards an ‘alignment’ of forms and procedures across all jurisdictions. The process of aligning all jurisdictions to using a uniform set of forms and […]

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Ramsay review final report and the establishment of the Australian Financial Complaints Authority

Professor Ian Ramsay’s final report of the Review of the financial system external dispute resolution and complaints framework (Final Report) was released last week. The most significant of the 11 recommendations contained in the Final Report is the establishment of a single external dispute resolution body for financial and superannuation disputes, to replace FOS, CIO […]

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Vacant Property Tax in Victoria

From 1 January 2018 a vacant residential property tax will be introduced in Victoria. The purpose of the tax is to discourage owners having properties vacant for a cumulative period longer than 6 months within a calendar year. The tax is limited geographically to properties located in the following Councils as highlighted in orange below: […]

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Interview with Philip Field, Lead Ombudsman – Banking and Finance, Financial Ombudsman Service

Partner Annette Gaber and Senior Associate Anna Koumides speak with Philip Field, Lead Ombudsman of Banking and Finance from the Financial Ombudsman Service. To read the interview, click here.

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“Cracking the Code” – The Khoury Review

The Australian Bankers’ Association (ABA) commissioned a review of the Code of Banking Practice (Code) as part of a range of industry initiatives announced on 21 April 2016 (Review).  Broadly speaking, the Terms of Reference for the Review are to identify whether the Code is serving its purpose, is meeting reasonable stakeholder expectations and where […]

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Possession Proceedings Against Deceased Estates in Victoria

Where a registered proprietor of real property is deceased, in Victoria court proceedings may be commenced against the personal representative of the estate. The personal representative is identified by the grant of probate or letters of administration. In some cases an estate does not have a personal representative appointed. This can be due to the […]

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Insolvency Update | Small Business Loans Inquiry

The Report into the Bank’s small business lending practices has been released today by the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell AO. Whilst concentrating on the Bank’s practices, some of the Report’s 15 recommendations have a direct bearing on the interaction of Insolvency Practitioners with their Banking clients. In particular, in relation […]

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Lenders can be liable for FHOG refunds

Recent amendments to the First Home Owner Grant Act 2000 (Vic) (FHOG Act) will enable the State Revenue Office (SRO) to recover first home owner grant  (FHOG) payments from third parties such as lenders.  This means that where homeowners have received a grant payment that they were ineligible for, or that they have subsequently become […]

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