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 […]
ReadmoreInterview 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.
ReadmoreWestpac Banking Corporation v Jonathon Wilfred Haynes [2017] SASC 23
This case concerned an action brought by the bank against the borrower to recover funds advanced to him. The borrower counterclaimed and argued that the bank breached its obligations to him under Clause 25.1 of the Code of Banking Practice. This case is notable in that unlike all reported cases to date, it was the […]
Readmore“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 […]
ReadmoreInsolvency 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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