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Banking & Finance | Legal
The antitrust paradox – and how to overcome it for a healthy financial services market
To maintain health in the financial services sector - or indeed any sector - two key things are needed: innovation and competition. These two things are interdependent. For innovation to flourish, competition is needed. And for competition to flourish, innovation is needed. To encourage both, antitrust regulation is used. But, when too stringent – or…
29 Nov 2021, by Amy SarcevicBanking & Finance | Legal
Is your financial services business really ethical?
From exploiting the vulnerable, to heavily penalising hardship, it is often easy to recognise what fairness is not within financial services. Defining what exactly fairness is, however, in the realms of marketing, product or contract design, can be a deceptively complex task; one which even ethically-motivated firms trip up on, explains Professor Deen Sanders of…
16 Nov 2021, by Amy SarcevicBanking & Finance | Legal
Financial abuse enablement – an insidious side-effect of the potential RLO repeal
Australia may see a resurgence in financial and economic abuse if the Senate opts to scrap responsible lending obligations (RLO), warns Gerard Brody of the Consumer Action Law Centre. The move to weaken RLOs was made by Federal Treasurer Josh Frydenberg in September last year, in a bid to maintain credit flow in the wake…
17 Feb 2021, by Amy SarcevicBanking & Finance | Legal
How responsible lending should look – an interview with Professor Kevin Davis
Former member of the Financial Systems Inquiry, Professor Kevin Davis, has set out his expectations for responsible lending obligation (RLO) reform in Australia. Davis advocates a shared buyer and seller accountability model, which protects consumers from financial illiteracy and cognitive bias, at the same time, retaining much of the economic benefit of a market based…
21 Jan 2021, by Amy SarcevicBanking & Finance | Legal
Where to now on responsible lending? – Gerard Brody
Gerard Brody of the Consumer Action Law Centre has expressed concern over Treasurer Josh Frydenberg’s intention to scrap responsible lending laws, describing the move as a “risky and dangerous policy” that will hurt Australian households. The proposed reform, currently being drafted, could mean the abolishment of all responsible lending obligations that form the National Consumer…
5 Nov 2020, by Amy SarcevicBanking & Finance | Legal
Conduct is the ‘new black’ in financial services – Dr. Andy Schmulow
Shortly after Dr. Andy Schmulow announced that a life insurer shamed in the banking Royal Commission would not be here in five years’ time, he indignantly retracted his statement. “I made a mistake,” Schmulow told Informa Connect ahead of the Credit Law Conference. “They won’t be here in five months’ time.” The well-known academic – one…
15 Sep 2020, by Amy SarcevicBanking & Finance
Banks need the right settings to implement AML measures
Stopping the flow of illicit finance will not be possible without real-time, AML-technologies, combined with huge swathes of intelligence. Yet these same innovations could open up new opportunities for criminals if they prove non-resilient, argues Deloitte Financial Crime Partner, Lisa Dobbin. “Every new technology inevitably brings a new element of risk," said Ms. Dobbin ahead…
27 Feb 2020, by Amy SarcevicBanking & Finance
The danger of unregulated loan products
Buy now pay later (BNPL) loans and other financial products that fall outside of ASIC’s regulatory regime are damaging pubic financial health and may harm the broader economy if left unregulated, warns Chief Executive of the Consumer Action Law Centre, Gerard Brody. The last few years have seen a significant growth in uptake of these loans…
16 Jan 2020, by Amy SarcevicBanking & Finance
Lifting barriers to regtech innovation in responsible lending
Regtech innovation is currently being stifled by industry uncertainty, despite being a crucial tool in the responsible lending landscape, according to Lisa Schutz of Verifier. “The need to automate affordability assessment has never been stronger. In fact, it’s one of the greatest points of friction in any loan application. But at the moment we’re seeing…
14 Jan 2020, by Informa InsightsBanking & Finance | Legal
SME lending – a digital priority?
The challenges faced by small businesses when borrowing in today’s climate are numerous, but with new operators providing a variety of digital options on highly accessible platforms, are small business operators better serviced by tech-savvy lenders? Ahead of the 29th Annual Credit Law Conference, several panellists weigh in with their views. ‘Low touch’ world; high expectations…
15 Aug 2019, by Amy SarcevicInforma Connect Australia is the nation's leading event organiser. Our events comprise of large scale exhibitions, industry conferences and highly specialised corporate training.
