One step closer to AFCA
On 23 April 2018, the Minister for Revenue and Financial Services authorised operation of the Australian Financial Complaints Authority (AFCA), which will start accepting complaints from 1 November 2018. This month, ASIC released Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority, having been released early to assist with a seamless transition to the […]
ReadmoreA welcomed authorisation of AFCA!
On 1 May 2018, the Minister for Revenue and Financial Services authorised the operation of the Australian Financial Complaints Authority (AFCA): a new single external dispute resolution (EDR) scheme for consumer and small business complaints. The Minister announced that: All financial firms required to have a dispute resolution system to deal with complaints from consumers […]
ReadmoreAFCA 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 […]
ReadmoreCompensation 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 […]
ReadmoreMandatory 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 […]
ReadmoreRamsay 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.
ReadmoreTips for early resolution of banking disputes
In November 2016, the Standing Committee on Economics issued its Review of the four major banks (first report). The report contains 10 recommendations, one of which is that the Government give ASIC the power to collect recurring data about internal dispute resolution (IDR) schemes of Australian financial services licensees. In support of this recommendation, the […]
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