tag:blogger.com,1999:blog-36791462011-04-22T11:01:40.311+10:00Australian Financial Services NewsNLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comBlogger2081100tag:blogger.com,1999:blog-3679146.post-65112172788091457812010-05-02T05:41:00.001+10:002010-05-02T05:44:38.523+10:00

This blog is now located at http://networklawnews.blogspot.com/. You will be automatically redirected in 30 seconds, or you may click here. For feed subscribers, please update your feed subscriptions to http://networklawnews.blogspot.com/feeds/posts/default.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-89288127129169706222009-03-25T13:49:00.001+10:002009-03-25T13:54:49.768+10:00

New Australian Consumer Law: national unfair contracts lawAssistant Treasurer Chris Bowen has announced that the national consumer protection law which was agreed between the Commonwealth and the states last year, will be fast tracked with a bill to be introduced by June 2009 and commencement on 1 January 2010.Proposals for the law are outlined in a consultation paper (An Australian Consumer Law:

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-29221411921453806892009-03-25T13:47:00.000+10:002009-03-25T13:48:31.298+10:00

Increase in disputes received by Financial Ombudsman Service The Financial Ombudsman Service reports that it has seen a significant increase in the number of new disputes received. It experienced an average 45.4% rise across all divisions in the six months to 31 December 2008, compared with the same period in 2007. This reflected a substantial 85.5% rise in new disputes within Investments, Life

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-45222187512996959152009-03-25T13:45:00.000+10:002009-03-25T13:46:42.650+10:00

Bank account switching On 1 November 2008, a new Account Switching Package came into effect with banks, credit unions and building societies now offering full listing and switching services to customers.To assist customers who want to switch, financial institutions are now obliged to provide customers with a list of all their regular direct debits and credit from the last 13 months to help them

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-84015866335928589912009-03-25T13:40:00.000+10:002009-03-25T13:45:09.329+10:00

Mortgage duty updateCurrently Victoria, Tasmania, ACT, NT, Queensland and Western Australia have no mortgage duty.South Australia will abolish mortgage duty on 1 July 2009.In New South Wales, mortgage duty has already been abolished on owner occupied housing and investment housing. But the abolition of the remaining mortgage duty has been deferred until 1 July 2012.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-60789063162058688922009-03-25T13:36:00.000+10:002009-03-25T13:39:44.191+10:00

New rules for Queensland mortgagee salesThe Queensland Property Law (Mortgagor Protection) Amendment Act 2008 has amended section 85 of the Property Law Act to require that, unless they have a reasonable excuse, mortgagees or receivers selling Queensland property secured by consumer credit mortgages must: adequately advertise the sale; and obtain reliable evidence of the property's value; and

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-23470630093088111702008-09-19T06:54:00.002+10:002008-10-02T13:32:03.139+10:00

ASIC review of financial services EDR schemesASIC has released Consultation Paper 102: Dispute Resolution – update of RG 139 & RG 165 proposing improvements to the way financial services businesses resolve disputes with consumers, including harmonisation of the different schemes.A key proposal of ASIC’s is to replace monetary limits with a cap on compensation that can be awarded by an external

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-19012421569407378732008-09-19T06:54:00.000+10:002008-09-19T06:55:11.924+10:00

Responsible Lending Practices: Consumer Credit CardsThe Ministerial Council on Consumer Affairs has released a consultation Regulatory Impact Statement on Responsible Lending Practices in Relation to Consumer Credit Cards (pdf).The Paper discusses options to assist consumer choice of card products and protect consumers from lending practices which provide continuing credit at levels which cannot

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-19553110455602496292008-08-22T05:12:00.001+10:002008-08-22T05:12:57.244+10:00

AML and finance brokersAUSTRAC has published an information sheet on its interpretation of the AML obligations of finance brokers.Comments include:Finance brokers who are holders of an Australian financial services (AFS) licence and only provide the designated service specified in item 54 of table 1 in section 6 of the AML/CTF Act, will have suspicious matter reporting (SMR) obligations from 12

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-90992676706773019922008-08-22T05:11:00.001+10:002008-08-22T05:11:38.725+10:00

First Home Saver Accounts: training requirements for financial product advisersASIC has released an update to RG 146 Licensing: Training of financial product advisers (pdf) to include new requirements for people who give advice about First Home Saver Accounts (FHSA's).ASIC has applied the Tier 2 level to courses and individual assessments that cover First Home Saver Account (FHSA) deposit

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-84095129063936841322008-08-22T05:07:00.000+10:002008-08-22T05:09:56.711+10:00

Privacy Law ReformThe Australian Law Reform Commission has released its Report "For Your Information: Australian Privacy Law and Practice".The 3 volume report covers most areas of privacy law and makes 295 recommendations for reform, starting with the recommendation that the Privacy Act 1988 be redrafted and restructured to achieve significantly greater consistency, clarity and simplicity.The

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-33794330696322241002008-08-22T05:05:00.000+10:002008-08-22T05:07:13.452+10:00

Queensland consumer credit interest cap commenced on 31 JulyThe Consumer Credit (Queensland) Special Provisions Regulation 2008 commenced on 31 July 2008.Any Consumer Credit Code regulated loans made in Queensland (or made interstate to Queensland residents) after that date are subject to a maximum annual percentage rate of 48 per cent.The cap also applies to existing contracts if they are

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-76862997528991425872008-08-22T05:01:00.001+10:002008-08-22T05:05:06.112+10:00

Transfer of consumer credit regulation to CommonwealthOn 3 July the Commonwealth Government reached agreement with the States and Territories at the Council of Australian Governments (COAG) meeting in Sydney, to assume responsibility for regulation of all consumer credit.What is still unknown is whether the existing Consumer Credit Code will be adopted "as is" by the Commonwealth or whether new

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-65111984492801529012008-06-18T10:17:00.001+10:002008-06-18T10:19:30.213+10:00

Mortgage duty reduction schedule updateCurrently Victoria, Tasmania, ACT and NT have no mortgage duty. Queensland and Western Australia will abolish mortgage duty on 1 July 2008. In New South Wales, mortgage Duty in respect of investment housing will be abolished from 1 July 2008, followed by the complete abolition of mortgage duty from 1 July 2009 (brought forward from 1 January 2011). NSW

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-70421379051780628802008-06-04T06:58:00.001+10:002008-06-04T06:58:25.506+10:00

Green Paper on Financial Services and Credit Reform Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has released a Green Paper on Financial Services and Credit Reform. The Green Paper outlines options for the Commonwealth and states to transfer the remaining financial services regulation from the State level. Under the plan, financial services, including

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-67933719609778965642008-06-04T06:56:00.000+10:002008-06-04T06:57:23.263+10:00

Financial Claims Scheme to protect depositors The Treasurer has announced the Government's intention to introduce legislation to establish a Financial Claims Scheme (FCS)to assist depositors and policyholders in the event that an authorised deposit‑taking institution (ADI) or general insurer fails. Wayne Swan's Ministerial Statement In light of the potential for delays to cause real hardship,

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-66550735090920502472008-06-04T06:53:00.000+10:002008-06-04T06:54:16.965+10:00

Queensland mortgage duty abolishedUnder the Queensland State Budget announced on 3 June 2008, full abolition of mortgage duty has been brought forward to 1 July 2008 (previously 1 January 2009).

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-7174983103397442442008-04-18T07:03:00.000+10:002008-04-18T07:04:28.560+10:00

Instalment Contracts and the Uniform Consumer Credit Code The Justice Legislation Amendment Bill 2008 (pdf) has been introduced into the Queensland Parliament to amend the Consumer Credit Code (the Code) to ensure particular contracts for the sale of land or goods by instalments (known as ‘terms sale of land contracts’, ‘conditional sale agreements’ and ‘tiny terms contracts’) are credit

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-62897035960491972412008-04-18T07:02:00.001+10:002008-04-18T07:02:51.895+10:00

Consumer credit interest rate cap for Queensland The Consumer Credit (Queensland) and Other Acts Amendment Bill 2008 (pdf) has been introduced into Queensland Parliament. The Biil, if passed, will introduce the concept of a maximum annual percentage rate for consumer credit contracts. In calculating the rate, fees and charges will be taken into account. The Regulations are expected to

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-55177830572138897122008-03-25T12:32:00.002+10:002008-03-30T08:56:10.539+10:00

Daylight saving endsWestern Australia ends daylight saving on 30 March, 2008.Australian Capital Territory, New South Wales, Victoria, Tasmania and South Australia end daylight saving on 6 April 2008.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-39551875121024898242008-02-25T06:52:00.002+10:002008-02-25T06:52:47.737+10:00

First Home Saver Accounts The Government has confirmed its intention to establish First Home Saver Accounts from 1 July 2008 to assist Australians to save for their first home. The account may be opened by individuals aged 18 and over who: has not previously purchased or built a first home in Australia to live in;does not have or has not previously had an account; andmakes an initial

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-10489263342134988882008-02-09T09:34:00.000+10:002008-02-12T16:40:21.340+10:00

Government to facilitate bank account switchingFollowing a meeting with the Council of Financial Regulators on 8 February 2008, the Treasurer has announced a package of 4 measures to promote competition in the retail banking market by making it easier for customers to switch accounts between banks. The measures are: A listing and switching service that requires banks to provide their

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-29392529873998508522007-12-10T11:04:00.000+10:002007-12-10T11:05:22.810+10:00

AML update: education and training resources From 12 December 2007, businesses which deliver services outlined under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (including financial services), need to have in place an anti-money laundering and counter-terrorism financing program. To assist businesses, AUSTRAC has published an e-learning course and industry resources (

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-71795382416996298232007-11-29T05:54:00.000+10:002007-11-29T05:57:03.646+10:00

National Finance Broking Scheme consultation package released The Ministerial Council on Consumer Affairs (MCCA) has released a package (pdf) (including an exposure draft Bill) proposing finance broking legislation which is consistent nationally, and which extends to protections for small business clients. Its core feature will be the licensing of brokers. All types of broking structures

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-43074065371884072882007-11-20T09:54:00.000+10:002007-11-20T09:58:04.158+10:00

Austrac AML deadline approaches From 12 December 2007, businesses which deliver services outlined under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (including financial services), need to have in place an anti-money laundering and counter-terrorism financing program. As part of this program, businesses must establish and document procedures to collect and verify

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-5698164944985657892007-09-30T12:44:00.000+10:002007-09-30T12:47:42.186+10:00

Daylight saving starts 7 OctoberTasmania starts daylight saving on 7 October 2007.Australian Capital Territory, New South Wales, Victoria, Western Australia and South Australia start on 28 October. All end on 30 March, 2008, except South Australia which ends on 6 April 2008.Queensland and the Northern Territory do not have daylight saving.Confused? Use ABC's Clock.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-74952097817987913522007-09-30T10:22:00.000+10:002007-09-30T10:24:59.678+10:00

NSW Mortgage duty changesThe NSW State Government has brought forward the complete abolition of mortgage duty from 1 January 2011 to 1 July 2009.In the meantime, from 1 September 2007 no mortgage duty applies to the financing of owner occupied housing .No mortgage duty will apply to the financing of investment housing from 1 July 2008.More

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-37128374663637176932007-09-29T06:06:00.000+10:002007-09-29T06:10:04.898+10:00

Consumer Credit Code amendments updateThe recent call by the Treasurer for the States to accelerate work on the licensing, conduct and disclosure of mortgage brokers has put pressure on the States to provide an update on consumer credit code review progress.The Ministerial Council on Consumer Affairs has now announced that:It is anticipated that a draft exposure Bill for the mational regulation

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-30401860028367474322007-08-26T07:31:00.000+10:002007-08-26T07:35:11.359+10:00

Consumer Credit Code Amendments The Ministerial Council on Consumer Affairs has invited comments on the exposure drafts of the Consumer Credit Code Amendment Bill 2007 and Consumer Credit Amendment Regulation 2007. The Bill and Regulations will principally affect fringe credit providers, such as payday lenders, who typically offer short term loans (from four weeks to 18 months) for small

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-20675816428083573562007-08-05T18:50:00.000+10:002007-08-05T18:53:36.581+10:00

AML Fact SheetsThe Attorney-General's Department has published a series of fact sheets about the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF Act) includiong one about changes for customers.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-78739509991297407652007-06-23T06:55:00.000+10:002007-06-23T06:57:04.181+10:00

AML compliance report questions released for consultation The AML/CTF Rules to be made under section 47(1) of the AML/CTF Act will specify the reporting period(s) and the lodgement period within which compliance reports are required to be submitted to AUSTRAC. Subsection 47(3) requires reports to be in the approved form and to contain any such information as required by the form. AUSTRAC has

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-9698363480619260062007-06-04T15:57:00.000+10:002007-06-04T15:59:30.313+10:00

ASIC reviews reverse mortgages ASIC has conducted a review and urged the promoters of reverse mortgages to ensure their advertising and promotional material is clear and not misleading. ASIC found five cases of misleading advertisements that made claims suggesting that reverse mortgages did not need to be repaid. ASIC raised these concerns with the promoters of the advertisements. In each case

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-10212711273290012472007-05-27T16:35:00.000+10:002007-05-27T16:36:29.731+10:00

AUSTRAC releases AML/CTF compliance implementation tools As we approach the 12 June 2007 start date for AML/CTF compliance reporting obligations, AUSTRAC has produced a Self Assessment Questionnaire (SAQ) to assist the financial services sector, bullion dealers and gambling establishments meet their obligations under the incoming anti-money laundering and counter-terrorism financing system.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-61475466731132917442007-05-03T09:18:00.000+10:002007-05-03T09:19:34.019+10:00

Do Not Call Register opens for consumer registration In anticipation of a 31 May 2007 start date, the Do Not Call Register has started accepting consumer registrations. Individuals will be able to register their numbers either online at https://www.donotcall.gov.au/or by post. Telephone registrations will be available soon.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-56475391627443097462007-04-15T11:22:00.000+10:002007-04-15T11:28:46.512+10:00

Do Not Call Register due to start on 31 May: what you need to do The Do Not Call Register is expected to be operational by 31 May 2007. For a business, the core obligation is not to make an unsolicited telemarketing call to a number on the Register and ensure that any agreements you make to outsource telemarketing comply with the Act (Sections 11 and 12). If a number is not on the Register, a

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-78361978444750764292007-04-02T17:01:00.000+10:002007-04-02T17:02:37.917+10:00

AML/CTF Rules finalised The Australian Transaction Reports and Analysis Centre (AUSTRAC) has finalised a series of AML/CTF Rules. The Rules will commence at different times to match the staged implementation of the AML/CTF Act which will not be finalised until December 2008. The Rules which will commence on 12 June 2007 relate to AML/CTF compliance reports (Part 3, Division 5), correspondent

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-44686193812552232782007-03-22T14:11:00.000+10:002007-03-22T14:13:36.959+10:00

Daylight saving ends SundayDaylight saving in Tasmania, Australian Capital Territory, New South Wales, Victoria andSouth Australia ends on Sunday 25 March 2007.More information

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-37684441118730358682007-03-15T06:25:00.000+10:002007-03-15T06:26:41.944+10:00

Mandatory Comparison Rates to be extended by 2 years The Queensland Government has introduced the Consumer Credit (Queensland) and Another Act Amendment Bill 2007 (pdf) into Parliament. If passed, the Bill will extend the sunset clause in the Consumer Credit Code that relates to the Mandatory Comparison Rate system by 2 years to 30 June 2009. The extension of 2 years will provide Ministerial

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-37188112256596961522007-03-12T12:50:00.000+10:002007-03-13T09:44:00.181+10:00

Network Law OutageThe Network Law site was unavailable this morning due to a power problem.The outage was caused by a main power line cut by a back-hoe which lead to a power supply failure at our ISP.If any repair work is required we understand the shutdown will be brief.We apologise for any disruption to your business.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1171659205246118142007-02-17T06:51:00.000+10:002007-02-17T06:53:25.260+10:00

AML Amendment Bill introducedThe Attorney-General has introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2007 into Parliament to amend the AML/CTF Act. The Bill addresses operational and technical issues, as well as taking into account concerns raised by Reports of the Standing Committee on Legal and Constitutional Affairs and the Senate Standing Committee for

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1170573421740900732007-02-04T17:14:00.000+10:002007-02-04T17:17:01.753+10:00

Seize the day at ACUI ConferenceIf you're coming to the ACUI Conference in Brisbane from 26-28 February, start your day positively with a brisk early morning guided walk, taking in some of the sights of Brisbane city, with some stops for gentle stretching along the way. A great way to stay fit and recharge your energy levels so you can fully enjoy your 2007 ACUI conference experience.These

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1170274844293994192007-02-01T06:16:00.000+10:002007-02-01T06:22:14.090+10:00

Network Law website changesOur website has been upgraded to improve our services to you.For clients, all Instruction Forms have been altered to show the principal office addressof the Lender, with the option for the client to change it to a branch address. This allows branch offices to send instructions.If you have any problems, contact your local Network Law representative or email help@

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1169160939565366222007-01-19T08:55:00.000+10:002007-01-19T08:55:39.580+10:00

Arranging loans in Western AustraliaThe Finance Brokers Control Act (WA) regulates the arranging or negotiating of loans in that State. Persons who carry on that business in WA must be licensed by the Department of Consumer and Employment Protection (DOCEP), even if those loans are not regulated by the Consumer Credit Code.Recent amendments permit non-WA residents to obtain a licence and permit

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1167079181065637042006-12-26T06:37:00.000+10:002006-12-26T06:39:41.076+10:00

Mortgage duty reduction schedule In 2007 Tasmania will abolish mortgage duty and South Australia will commence its duty reduction program with other states to follow in 2008. Queensland will halve its mortgage duty rate on 1 January 2008 and abolish mortgage duty on 1 January 2009.New South Wales will halve mortgage duty from 1 January 2010 and abolish it from 1 January 2011Western Australia

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1166301848053285732006-12-17T06:32:00.000+10:002006-12-17T10:04:57.266+10:00

New anti-money laundering laws start The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and the Anti-Money Laundering and Counter-Terrorism Financing (TransitionalProvisions and Consequential Amendments) Act 2006 commenced on 12 December 2006 when they received Royal Assent. The AML/CTF Act applies to businesses providing designated financial services and

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1164699431776024582006-11-28T17:32:00.000+10:002006-12-17T10:07:27.990+10:00

Western Australia to trial daylight savingWestern Australia will introduce daylight saving on 3 December 2006, for a three-year trial, to be followed by a referendum in 2009.During daylight saving, Western Australia will be 1.5 hours behind Adelaide, 2 hours behind Sydney, Melbourne and Canberra and 1 hour behind Brisbane.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1162494573325876812006-11-03T05:08:00.000+10:002006-11-03T05:09:33.363+10:00

Anti-Money Laundering Bills introducedThe Government has introduced the first tranche of the Anti-money laundering/Counter-terrorism financing (AML/CTF) legislation into Commonwealth Parliament: The Anti-Money Laundering and Counter-Terrorism Financing Bill 2006The Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Measures) Bill 2006 The 282-page

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1162073725951454172006-10-29T08:10:00.000+10:002006-11-03T05:11:22.686+10:00

Low doc loan declared unjustIn Permanent Mortgages Pty Ltd v Michael Robert Cook and Karen Cook [2006] NSWSC 1104 the NSW Supreme Court declared a loan contract and mortgage unjust notwithstanding the judge's description of the borrowers as "foolish", following the decision in Khoshaba. The borrowers (defendants) executed a mortgage over their home. They were substantially in arrears and the

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1161200434664504242006-10-19T05:36:00.000+10:002006-12-17T10:06:14.256+10:00

Daylight saving starts 29 OctoberTasmania started daylight saving on 1 October 2006. Australian Capital Territory, New South Wales, Victoria and South Australia start on 29 October. All end on 25 March, 2007.Queensland, Western Australia and the Northern Territory do not have daylight saving.Confused? Use ABC's Clock.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1160597155442125202006-10-12T05:55:00.000+10:002006-10-12T06:05:55.456+10:00

Credit Code E-commerce amendments commenceThe e-commerce provisions of the Consumer Credit and Trade Measurement Amendment Act 2006 and the Consumer Credit Amendment Regulation (No.1) 2006 commenced on 9 October 2006.The objectives of the Act in relation to ecommerce:• facilitate the application of the electronic transactions legislation in each State and Territory to the Consumer Credit Code;•

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1160255189749009992006-10-08T06:58:00.000+10:002006-10-08T07:06:29.763+10:00

Causes of Systemic Issues A systemic issue for an organisation is an issue which has been raised in a dispute or several disputes which will affect a class of people in addition to those who have complained about it.The September 2006 Bulletin from the Banking and Financial Services Ombudsman contains an extract of a recent presentation given by Diane Carmody, General Manager BFSO on how the

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1159905829200323042006-10-04T05:42:00.000+10:002006-10-04T06:03:49.240+10:00

Who can purchase money be paid to?: insist on written disbursement authority from conveyancerIn Clarey v Permanent Trustee Co Limited & Anor [2005] VSCA 128 (19 May 2005), the vendor of a property successfully argued that until she was paid the balance of the purchase price, the purchaser was not entitled to register the transfer and the purchaser's lender was not entitled to register any

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1159064468376509042006-09-24T12:15:00.000+10:002006-09-24T12:21:08.393+10:00

Unjust loans: the role of the lender In Perpetual Trustee Company Limited v Albert and Rose Khoshaba [2006] NSWCA 41, the borrowers sought relief from their obligations under their loan contract. They were successful. Departure by the loan manager from the loan guidelines was a relevant consideration in the determination of ‘justness’. Facts Mr and Mrs Khoshaba are pensioners and members of

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1157053075752804262006-09-01T05:36:00.000+10:002006-09-01T05:39:02.470+10:00

Privacy case notesThe Privacy Commissioner, Karen Curtis, has released case notes relating to personal information handled by a banking institution and a credit provider: In U v Banking Institution [2006] PrivCmrA 20, the complainant and their spouse had entered into a loan with a banking institution. After moving addresses, the couple contacted the institution to update their details. However,

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1155945580447828582006-08-19T09:58:00.000+10:002006-08-19T09:59:40.450+10:00

APRA identifies supervisory issues In a recent speech by APRA Chairman John Laker he identified issues relating to financial institutions that APRA was monitoring against a background of:the "inexorable" process of consolidation...in the last five years, the number of banks, building societies and credit unions — known as authorised deposit-taking institutions (ADIs) — has fallen from 281 to 223;

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1155945410129185342006-08-19T09:53:00.000+10:002006-08-19T09:56:50.140+10:00

Consumer Credit Code e-commerce updateThe Consumer Credit Amendment Regulation (No.1) 2006 was gazetted on 4 August 2006 and will commence on the proclamation of the e-commerce Code amendments.The amendments will not take effect until after the Queensland election on 9 September.The objective of this regulation, as set out in the Explanatory Notes accompanying it, is to amend the Consumer Credit

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1153871713820692022006-07-26T09:48:00.000+10:002006-07-26T09:55:13.836+10:00

Is your customers' personal information secure?Privacy Case Note 16 discusses the complaint of a customer against their financial institution which terminated the additional cardholder’s access to the credit account as requested but allowed the additional cardholder's internet access to the account to remain active, thereby allowing the additional cardholder to view the current transaction

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1152992657146172842006-07-16T05:43:00.000+10:002006-07-26T09:56:53.260+10:00

Revised exposure draft AML/CTF Bill and draft AML/CTF Rules The Minister for Justice and Customs, Senator the Hon Chris Ellison, has released a revised exposure draft AML/CTF Bill 2006 and draft AML/CTF Rules for a period of three weeks of public consultation from 13 July 2006. The revised exposure draft AML/CTF Bill 2006 and draft AML/CTF Rules follow consideration of comments on the

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1151793472794514802006-07-02T08:35:00.000+10:002006-07-02T08:37:52.796+10:00

Titles Office fees change from 1 JulyQueensland, New South Wales, Victoria, South Australia, ACT and Western Australia have introduced a new schedule of fees for land title services from 1 July 2006 (WA from July 10, 2006). Northern Territory and Tasmania have not announced any changes.For more information contact your local Network Law representative.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1151793167319576042006-07-02T08:31:00.000+10:002006-07-02T08:32:47.333+10:00

Unsolicited increases in credit card limitsThe Banking and Financial Services Ombudsman's latest Bulletin (pdf) discusses procedures lenders should follow in resolving disputes over making unsolicited offers to increase credit card limits. Giving an example of a person on an annual income of $38,000 who was experiencing difficulty meeting the minimum monthly payments on credit cards with two

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1150777269190108262006-06-20T14:19:00.000+10:002006-07-02T08:39:12.396+10:00

Reform of personal property securities There is a different system in each State of Australia for taking and registering security interests (including leases, hire purchase and retention of title arrangements) over most types of tangible and intangible personal property (including livestock, crops, intellectual property and receivables) ranging from motor vehicles and boats to liquor licences,

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1150777076021155272006-06-20T14:16:00.000+10:002006-07-02T08:40:15.460+10:00

Corporate and Financial Services Regulation Review. The time for submissions in respect of the Consultation Paper entitled Corporate and Financial Services Regulation Review, released by the Parliamentary Secretary to the Treasurer has closed. The paper covers the areas of financial services regulation, company reporting obligations, auditor independence, corporate governance, fundraising,

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1148540791681266312006-05-25T17:04:00.000+10:002006-05-25T17:06:31.693+10:00

"Do Not Call" Register Bill introduced The Minister for Communications, Senator Coonan, has introduced the Do Not Call legislation into Commonwealth Parliament. The Do Not Call Register Bill 2006 and the Do Not Call Register (Consequential Amendments) Bill 2006 provide a framework to establish a Register that would allow individuals to opt-out from receiving unsolicited telemarketing calls.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1148090056719665332006-05-20T11:50:00.000+10:002006-05-20T11:55:43.876+10:00

Mandatory Comparison Rates Review ResearchEven though the sunset date for publishing mandatory comparison rates has been extended to 1 July 2007, the research into whether MCR should be retained, continues.Swinburne University, on behalf of the Director of Consumer Affairs Victoria, has finished a research project into the effectiveness of mandatory comparison rates in guiding consumer choices (

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1146533189614178592006-05-02T11:23:00.000+10:002006-05-03T15:04:14.690+10:00

Consumer Credit Code amendment passedThe Consumer Credit and Trade Measurement Amendment Act 2006 was passed by Queensland Parliament on 21 April 2006. The Act includes amendments to the Uniform Consumer Credit Code to provide for e-commerce and for the extension of the sunset date of mandatory comparison rates to 1 July 2007.The e-commerce amendments will commence on proclamation, which is

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1145670692541538162006-04-22T11:49:00.000+10:002006-05-02T14:28:48.230+10:00

Bill Facilities Regulation by Consumer Credit CodeThe UCCCMC has invited comments on the Consumer Credit (Bill Facilities) Amendment Regulation 2006 which will apply the Code to credit arising out of a bill facility unless the credit is provided by an authorised deposit-taking institution. The Explanatory Notes provide background to the Regulation. Section 7(5) of the Code provides that:This

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1144453740478736122006-04-08T09:48:00.000+10:002006-05-02T14:29:30.560+10:00

Consumer credit ecommerce amendments The Consumer Credit and Trade Measurement Amendment Bill 2006 (pdf) was introduced into Queensland Parliament on 28 March 2006. The objectives of the Bill in relation to credit matters are to:• facilitate the application of the electronic transactions legislation in each State and Territory to the Consumer Credit Code;• ensure that consumer protection is

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1143085887108801672006-03-23T13:48:00.000+10:002006-05-02T14:30:39.873+10:00

Western Australia mortgage stamp duty changesThe Western Australia Premier has announced that stamp duty on mortgages would be halved on July 1, 2006 and completely abolished by July 2008.Also, from January 1, 2007 stamp duty on hiring transactions will be completely abolished.The Government has also committed to abolish stamp duty on the sale of 'non-real' business property such as goodwill,

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1141368567528633212006-03-03T16:47:00.000+10:002006-05-03T15:05:54.090+10:00

Privacy case note: is marital status necessary?In D v Banking Institution [2006] PrivCmrA 4 the complainant alleged that the banking institution was gathering unnecessary marital status information for the purpose of opening a deposit account.The banking institution advised the complainant that it was unable to open the account without entering information into the 'marital status' field on its

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1141328747727626362006-03-03T05:43:00.000+10:002006-03-28T09:25:02.293+10:00

APRA fit and proper person standardsThe Australian Prudential Regulation Authority (APRA) has released three new fit and proper standards for acceptable practice in the appointment of Board directors, senior management, and certain auditors and actuaries: APS 520 Fit and Proper (for authorised deposit-taking institutions), LPS 520 Fit and Proper (for life companies) and GPS 520 Fit and Proper (

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1140481785288986442006-02-21T10:28:00.000+10:002006-03-28T09:26:07.126+10:00

Mandatory comparison rates extended for 1 yearThe Uniform Consumer Credit Code Management Committee reports that the Ministerial Council of Consumer Affairs has agreed to extend the sunset date for comparison rates for a year until 30 June 2007. An extension of a year was agreed to accommodate the possibility that the Queensland Government may call an election in the interim. A draft of the

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1140133541490205082006-02-17T09:43:00.000+10:002006-03-28T09:27:20.746+10:00

ASIC launches reverse mortgage calculator for seniorsASIC has issued a reverse mortgage calculator for seniors.A reverse mortgage allows an older person with assets but little income to borrow money secured against their home, without having to pay back either the amount they borrowed or the interest due until they leave their home or die. Instead, the debt and interest builds up(or compounds)

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1138862557968466942006-02-02T16:25:00.000+10:002006-02-02T16:42:37.976+10:00

Verifying the mortgagor's identity: new Queensland requirementsFrom 6 February 2006 the Queensland Land Title Act 1994 (for freehold land) and the Queensland Land Act 1994 (for state leasehold land) will provide that a mortgagee intending to take a mortgage over land as security for a debt or liability, must, prior to lodging a mortgage instrument or a transferof mortgage instrument for

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1138009797030329052006-01-23T19:41:00.000+10:002006-01-23T19:49:57.093+10:00

Mandatory Comparison Rates reviewThe Preliminary Regulatory Impact Statement (pdf) into the effectiveness of mandatory comparison rates (MCR) has been released.The Regulatory Impact Statement will be a key factor in deciding whether the comparison rate provisions will continue to apply in their current form, be changed, or deleted entirely from the Consumer Credit Code.The preliminary findings

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1136665556183549072006-01-08T06:21:00.000+10:002006-01-08T06:25:56.196+10:00

Consumer Credit pre-contractual disclosureAn explanatory package (pdf) containing proposals to streamline the essential pre-contractual information provided to consumers has been released for consultation.The package contains draft Consumer Credit Code amendments, which feature a new-look financial summary table containing essential information for consumers about the credit contract together

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1135108497213033532005-12-21T05:50:00.000+10:002005-12-21T05:54:57.223+10:00

Queensland credit business duty abolished from 1 January 2006Queensland credit business duty will not be payable on any credit transactions on or after 1 January 2006.However duty will be payable on transactions before 1 January 2006.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1134717113620089752005-12-16T17:02:00.000+10:002005-12-16T17:11:53.633+10:00

Draft anti-money laundering and counter-terrorism financing Bill releasedThe Minister for Justice and Customs, Senator the Hon Chris Ellison, has released an exposure AML/CTF Bill and sample AML/CTF Rules.The exposure Bill and sample AML/CTF Rules will be available for public comment until Thursday 13 April 2006.The exposure Bill regulates money laundering and terrorism financing risks

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1133384808096961132005-12-01T07:05:00.000+10:002005-12-01T07:06:48.106+10:00

Seasons' GreetingsWe wish you a safe and happy holiday season and a prosperous 2006!

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1133036617596773482005-11-27T06:19:00.000+10:002005-11-27T06:23:37.606+10:00

Financial literacy research releasedANZ Bank has released two major research studies into adult financial literacy and the causes of financial difficulty in Australia. These studies highlighted that 80% of Australians feel “in control” of their financial situation. For the first time the research explores the issues which cause a small group of Australians (around 2% of people), who have

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1132180429737208752005-11-17T08:19:00.000+10:002005-11-17T08:33:49.746+10:00

New rules for mortgagees of Queensland landThe Natural Resources and Other Legislation Amendment Bill 2005 Queensland was introduced into Queensland Parliament on 8 November 2005. When passed, it will amend the Land Title Act 1994 with the aim of improving the operation of this Act in relation to the conduct of inquiries into fraud and errors in the freehold land register by requiring mortgagess

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1132178123090051142005-11-17T07:46:00.000+10:002005-11-17T07:58:08.946+10:00

Reverse mortgages: ASIC comments ASIC has released a report into equity release products following increasing interest in 3 types: reverse mortgages, home reversion schemes, and shared appreciation mortgages (SAMs).The Equity Release Products Report includes tips for consumers who may be considering equity release products.ASIC warned that all equity release products are complex and, if used

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1131655944948642052005-11-11T06:49:00.000+10:002005-11-11T06:52:24.966+10:00

Network Law is working againErrors were reported on the site on Wednesday and Thursday following some maintenance on Tuesday night. The problems have now been fixed. We apologize for any inconvenience.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1130616416783325612005-10-30T06:06:00.000+10:002005-10-30T06:06:56.796+10:00

Consumer Credit Code clarificationThe Uniform Consumer Credit Code Management Committee has released a Solicitor Lending, Instalment Contracts and the Uniform Consumer Credit Code Consultation Package. The purpose of the amendments is to confirm that the following forms of credit are covered by the Code: terms sale of land and conditional sale of goods;‘tiny terms’ contracts; and solicitor

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1129888780387850382005-10-21T19:51:00.000+10:002005-10-21T19:59:40.396+10:00

Queensland transfer duty changes announced The Queensland Premier has announced that from 1 July 2006, rates of transfer duty for Queensland property valued above $500,000 will increase. The marginal rate for properties valued from $500,001 to $700,000 will increase from 3.75% to 4% and for properties above $700,000 the rate will increase from 3.75% to 4.5%. However, the threshold for the

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1129409385266053842005-10-16T06:45:00.000+10:002005-10-16T06:52:27.456+10:00

Debt collection guideline for collectors and creditorsThe Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) have issued a jointly produced publication, aimed at improving standards in the debt collection industry: Debt collection guideline: for collectors and creditors A debt collector who breaches the harassment and coercion

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1128378438608904482005-10-04T08:19:00.000+10:002005-10-04T08:27:18.613+10:00

Daylight saving times 2005-2006Tasmania started daylight saving time on 2 October. It will be 1 hour ahead of the eastern states until 30 October.Australian Capital Territory, New South Wales, Victoria and South Australia will commence daylight saving on 30 October.All states will finish daylight saving on 26 March 2006.Queensland, Western Australia and the Northern Territory do not observe

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1127766273437842582005-09-27T06:23:00.000+10:002005-09-27T06:24:33.443+10:00

RBA says Australia is financially stable In its latest Review, the Reserve Bank of Australia says: The Australian financial system remains in good shape. The banking sector, in particular, is continuing to perform strongly, supported by the ongoing expansion of the Australian economy. Banks remain well capitalised, are experiencing historically low levels of bad debts and, despite a pick-up in

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1126142039935840072005-09-08T11:13:00.000+10:002005-09-08T11:13:59.940+10:00

Transaction fee disclosure ASIC has released a report on disclosure of transaction fees by banks, building societies and credit unions.The report, Good transaction fee disclosure – An ASIC report, follows the release of ASIC’s Guide to Good Transaction Fee Disclosure for Bank, Building Society and Credit Union Deposit and Payments Products (Transaction Accounts) issued in June 2002. The ASIC

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1124783438494777892005-08-23T17:49:00.000+10:002005-08-23T17:50:38.503+10:00

Regulation of online calculators ASIC has released a consultation paper which discusses the licensing and regulatory issues associated with online calculators. The paper contains proposals for 3 types of calculators:(a) generic calculators;(b) product-specific calculators; and(c) risk profilers. ASIC distinguishes them as follows: "Generic calculators1.2 Generic calculators are:(a)

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1124670332095163212005-08-22T10:24:00.000+10:002005-08-22T10:25:32.096+10:00

Announcing 2005 Financial Services ForumNetwork Law's forum this year will discuss "Changes in Control of Mutuals: A Practical Guide".It will deal with takeovers, demutualisation, mergers, winding up and defences for mutual financial institutions.It will be held on Friday 7 October in Sydney.For more information download the brochure.We are still confirming a keynote speaker. Details will be

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1124437440365339432005-08-19T17:40:00.000+10:002005-08-19T17:44:00.370+10:00

Privacy Commissioner investigates credit providersThe Privacy Commissioner, Karen Curtis, has released case notes regarding personal information handled by credit providers. The cases include: OPC v Banking Institution [2005] PrivCmrA 11 : the Office conducted an own motion investigation (OMI) into the automated disclosure, by a banking institution, of personal information following the use

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1124399458813610682005-08-19T07:07:00.000+10:002005-08-19T07:10:58.816+10:00

New Features on Network Law In an ongoing effort to provide better services to you, in response to your feedback we have implemented the following changes: Username/password: you are now able to change your own username and password;instruction sheets for new mortgages, new discharges and new stampings have been improved and you are now able to print them;Auto-emails can

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1122332438866064672005-07-26T08:58:00.000+10:002005-07-26T09:00:38.873+10:00

Dealing with customers in financial difficultyThe Banking and Financial Services Ombudsman has set out the guidelines he follows when customers write to his office to complain that a credit provider has refused to agree to a proposed repayment plan for a debt that the customer is unable to repay because of general financial difficulties.The guidelines apply where there is no maladministration or

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1121814714999601742005-07-20T09:04:00.000+10:002005-07-20T09:11:55.006+10:00

Low doc loans and tax non-complianceThe Commissioner of Taxation has announced the results of the ATO's initial investigation into borrowers of "low doc loans":Although the ATO findings indicate concerning levels of non-compliance amongst the users of low documentation loans, many users of these products are fully meeting their tax responsibilities. Many are funding repayments from legitimate

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1119582926563865022005-06-24T13:09:00.000+10:002005-06-24T13:15:26.570+10:00

Debits tax abolishedFrom 1 July 2005, debits tax in Victoria, Queensland, Western Australia, South Australia, the Australian Capital Territory and the Northern Territory will be abolished for transactions from that date. (New South Wales abolished debits tax in 2002.)The tax was charged on debits to cheque accounts.Tasmania's debits duty on bank and credit card accounts will also be abolished

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1119163660912403682005-06-19T16:46:00.000+10:002005-06-19T16:47:40.916+10:00

Electronic record retention for tax purposes The ATO has issued Taxation Ruling 2005/9. This Ruling explains the principles associated with the retention of electronic records created from business transactions including those carried out through the internet for the purposes of section 262A of Income Tax Assessment Act 1936. It replaces draft Taxation Ruling TR 2004/D23. It supplements

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1118828574914307762005-06-15T19:34:00.000+10:002005-06-15T19:42:54.920+10:00

Super choice adviceASIC has warned employers who do not have AFS licences should avoid providing financial advice to employees seeking guidance about super choice.ASIC says that employers are under no obligation to talk with their employees about super choice, which comes into force on 1 July. However, it anticipated that employers would be asked by employees about how they could select their own

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1116456790840646022005-05-19T08:50:00.000+10:002005-05-22T17:23:43.023+10:00

APRA releases prudential standards on governance The Australian Prudential Regulation Authority (APRA) has released draft prudential standards and a discussion paper outlining proposed governance arrangements for authorised deposit-taking institutions (ADIs) such as banks, building societies and credit unions. The objectives are to ensure that an ADI is well managed, has access to appropriate

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1115850954123805962005-05-12T08:34:00.000+10:002005-05-12T08:35:54.133+10:00

Misleading mobile lending employment advertisement In 2004 the ACCC alleged Wizard Home Loans Pty Ltd breached section 52 of the Trade Practices Act by placing advertisements for Mobile Lending Managers in newspapers in New South Wales, Victoria and Queensland which were liable to mislead people into believing the positions were employed positions when they were self-employment opportunities.

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.comtag:blogger.com,1999:blog-3679146.post-1114201762027318452005-04-23T06:23:00.000+10:002005-04-23T06:29:22.030+10:00

States and Commonwealth agree: taxes to be reduced Six States and Territories have agreed to abolishing a number of state taxes over the next six years from 2005-06 to 2010-11. In an agreement with the Commonwealth Treasurer, Victoria, Queensland, South Australia, Tasmania, Australian Capital Territory and the Northern Territory have agreed to the program in return for GST payments. New

NLhttp://www.blogger.com/profile/16190793734606245140noreply@blogger.com