Below is a summary of recent developments in the Australian banking & finance legal landscape. Please click on the links to view each article in full.
Westpac wins responsible lending case against ASIC
Westpac has won against ASIC in a responsible lending case.
Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the significance of this case and its implication for future responsible lending laws.
APRA applies additional requirements to three major banks in response to self-assessments
APRA has reported that they have ordered major banks to put aside additional capital in response to the self-assessments they produced.
Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the bank’s self-assessments and their implications.
Restoring Trust in Australia’s Financial System – Financial Services Royal Commission Implementation Roadmap
The Australian Government has released the Financial Services Royal Commission Implementation Roadmap.
Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the contents and implications of the Roadmap.
ASIC v Kobelt [2019] HCA 18 – Supplying “book-up” credit to an Indigenous community
In a seminal judgment, the High Court of Australia has found the provision of “book-up” credit system to a vulnerable Indigenous community is not unconscionable.
Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the significance of this case and its impact on future interpretations of statutory unconscionability.
ASIC sues ANZ for misrepresentations and unconscionable conduct over account fees
APRA has commenced proceedings in the Federal Court against ANZ for charging certain periodic payment fees.
Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the significance of this impeding case.
ASIC finds CCI has ‘consistently failed consumers'
ASIC has found major banks and lenders have consistently failed consumers in their sale of consumer credit insurance.
Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the significance of this finding outlined ASIC’s Report 622.
Other things to take note of this month
Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim summarise other significant updates relating to banking and finance in August 2019.
