The Government has announced major reforms to the National Consumer Credit regime including the scrapping of RLOs.
Bennett & Philp Lawyers
This power allows ASIC to intervene, ban or set restrictions on financial and credit products for consumer protection.
Carroll & O'Dea
ASIC recently set out guidelines to how Retail Lenders should deal with consumers regarding loan repayment deferrals.
Logie Smith Lanyon
RG 273 will assist mortgage brokers and credit licensees to understand the new codified 'best interests obligations'.
The ACCC provides guidance for consumers on what circumstances it expects businesses to give a refund and/or credit note.
Until the threats of COVID-19 pass, we are unlikely to have insight into AFCA's "proposed framework and fairness tool".
Corrs Chambers Westgarth
Access to large consumer data sets is driving new ways of doing business for traditional banks and fintech startups.
Davies Collison Cave
Key recent developments in the area of Technology, Media and Telecommunications are summarised below.
Seyfarth Shaw LLP
The People's Republic of China is making progress in implementing its mandatory "social credit system." Multinational businesses in China should be watchful of this system, and ready for it when it rolls out – if it hasn't already.
Dhaval Vussonji & Associates
In contrast, the definition of operational debt is exhaustive in nature to mean inter alia a claim in respect of the provision of goods or services including employment.
All lenders of consumer credit in New Zealand need to review and update documentation and procedures by 1 June 2020.
This act introduces some significant changes which will affect all lenders providing consumer credit in New Zealand.
The Minister hopes that the Code will achieve the right balance between consumer protection and industry flexibility.
A draft Responsible Lending Code has been released for comment, by the Ministry of Business, Innovation and Employment.
Shook Lin & Bok
On 30 September 2016, the Monetary Authority of Singapore issued a consultation paper inviting comments on a proposed change to the industry–wide borrowing limit for unsecured credit.