Tag Archives: consumer credit

Financial Services in Focus – Issue 21

Funds and financial products

Further Royal Commission fallout

The fallout from Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry continues with proposals for legislative reform to implement some of the recommendations.

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Financial Services in Focus – Issue 20

Funds and financial products

Royal Commission fallout

On 18 February, the Commonwealth Treasurer, Josh Frydenberg, issued a media release setting out the Commonwealth Government’s actions since the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

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Financial Services in Focus – Issue 18

Funds and financial products

ASIC releases consultation paper on fees and costs disclosure regime

On 8 January, ASIC released a consultation paper on reforms to the fees and costs disclosure requirements for managed investment schemes and superannuation funds.

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Financial Services in Focus – Issue 17

Funds and financial products
ASIC to consult on measures to restrict offers to retail investors of stub-equity in proprietary companies

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Financial Services in Focus – Issue 15

Funds and financial products

Australian Financial Complaints Authority (AFCA) opens for business

On 1 November, AFCA opened for business and started accepting new complaints as a one-stop external dispute resolution (EDR) scheme.

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Financial Services in Focus – Issue 10

Funds and financial products
ASIC updates guidance for trustees of wholesale equity schemes

On 4 September, ASIC released Regulatory Guide 192 Licensing: Wholesale equity schemes following public consultation.

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Financial Services in Focus – Issue 8

Funds and financial products
ASIC identifies areas of improvement for exchange traded products

On 2 August, ASIC released a completed review of the exchange traded products (ETP) market in Australia, including exchange traded funds, aimed at ensuring the market is delivering on promises to investors.

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Financial Services in Focus – Issue 6

Funds & financial products

Government passes Asia Region Funds Passport bill

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Financial Services in Focus – Issue 2

Funds and financial products

Government releases terms of reference for the 2018 Terrorism Insurance Act Review

On 30 April the Government announced that it has commenced the 2018 review of the Terrorism Insurance Act 2003 (Cth) (TIA), and released its terms of reference.

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Consumer Credit Act

Section 75 Claims

The majority of people know that if they are buying something, particularly online, they have greater protection if they use a credit card.  When pressed, they may be able to say that they would have a “section 75 claim” if something went wrong with the transaction, without being able to explain what this actually is.  This article aims to explain precisely what this means, and what the rules around this area of law are, in relation solely to credit card purchases.

The central rule is section 75 (unsurprisingly) of the Consumer Credit Act 1974 (the “Act”).  It specifies certain types of transactions to which the section applies, but for this article we shall focus on “debtor-creditor-supplier” agreements.  This definition encompasses purchases made on a credit card.  The item being purchased must cost more than £99.99, but less than £30,000.01.  It applies to goods and services.

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