Consumer Express | October 2024 Edition
In our tenth edition of Consumer Express we consider the hot topics facing our consumer clients, including the right to disconnect and what it really means, the first tranche of the new privacy reforms and how to prepare for what’s coming, helpful tips on structuring trade promotions, as well as AI washing. Our regulators have […]
ReadmoreASIC presses for penalties and crypto regulatory clarity with Block Earner appeal
The decision by the Australian Securities and Investments Commission (ASIC) to appeal the latest Block Earner decision should give crypto asset providers some cause for concern. The regulator has signalled that, despite some recent court losses, it is prepared to continue its focus on the emerging industry in its pursuit of regulatory clarity. In February […]
ReadmorePrivacy & Data Law Series | Where are we now?
2024 is proving to be another significant year in the evolving privacy and data law environment. We have had some watershed announcements following the developments that took place during 2023, including the Government’s proposal to fast-track to August 2024 certain of the agreed changes proposed in their response to the Privacy Act Review Report (in particular […]
ReadmoreFinder: ASIC to continue to pursue cases to clarify crypto regulation as the Federal Court finds that a crypto-asset is not a debenture
The Federal Court has handed down its second significant decision involving crypto assets this year. The judgment in ASIC v Finder Wallet Pty Ltd[1] (Finder) follows the recent decision in the BlockEarner case[2] and provides some further guidance for crypto-asset issuers attempting to navigate the present uncertainty around the intersection of digital assets and financial […]
ReadmoreBuy Now Pay Later: the shape of the new regulatory regime
Treasury has released the much anticipated draft legislation for the regulation of Buy Now Pay Later (BNPL) products and confirmed that BNPL providers should prepare to obtain a new or modified Australian Credit Licence and work through the impact of being regulated as credit providers on their businesses. Anti-avoidance protections promise to ensure there is […]
ReadmoreBuy Now Pay Later: ‘Walks like a duck’ regulation announced
On 22 May 2023, the Treasury announced that the Buy Now Pay Later (BNPL) industry will be regulated under the National Consumer Credit Protection Act 2009 (Credit Act). The move was announced by the financial services minister and assistant treasurer, Stephen Jones MP, at the Responsible Lending & Borrowing Summit. The announcement confirms that the […]
ReadmoreOur Top 10 Unfair Contract Terms (infographic)
From 9 November 2023 the Unfair Contract Terms regime will have real teeth and apply to more contracts. From then, large penalties can apply for use of unfair contract terms. The regime applies to consumer contracts and small business contracts. Standard form business contracts will generally be covered if one party has fewer than 100 […]
ReadmoreFMCG Express | March 2023 Edition
The latest edition of FMCG Express goes straight to the heart of legal issues affecting corporate Australia in 2023; reforms to unfair contracts legislation; changes to the Fair Work Act; privacy law amendments; and cyber and data security. Partner Breanna Davies and the Gadens team of contributors are at the forefront of the analysis of […]
ReadmorePenalties for consumer law breaches on the rise: Federal Court finds Employsure penalty ‘manifestly inadequate’
The recent Employsure decision makes it very clear that penalties for breaches of the Australian Consumer Law (ACL), particularly where those breaches occur online, cannot be considered a ‘cost of doing business’ by companies assessing risks around particular conduct or the adequacy of their compliance program. The Full Federal Court, on an appeal brought by […]
ReadmoreBuy Now Pay Later Options Paper: The reforms start to take shape
On 21 November 2022, the Buy Now Pay Later (BNPL) options paper was released by Treasury for public consultation (Options Paper). The Options Paper examines the regulatory challenges of emerging financial products, particularly BNPL, and the appropriate regulatory approach to maintain the advantages of accessing credit while sufficiently protecting consumers. With the closing date for […]
ReadmoreAFCA has the final word: Courts will only disturb AFCA determinations in limited circumstances
Australia Capital Financial Management Pty Ltd v Australian Financial Complaints Authority Limited [2022] NSWCA 204 The NSW Court of Appeal has upheld a decision that AFCA had jurisdiction to decide that a lender engaged in unconscionable conduct by taking a guarantee such that it was unenforceable and compensation had to be paid, despite the lender […]
ReadmoreIncreased competition and consumer law penalties now take effect
The maximum penalties for contraventions of competition law prohibitions in the Competition and Consumer Act 2010 (Cth) and offence and civil penalty provisions in the Australian Consumer Law have now markedly increased following the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) having received the Royal Assent. Of particular note, the maximum penalty for […]
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