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29th Annual Credit Law Conference

overview

Join us on 4-6 September 2019 at the Sheraton Mirage, Gold Coast, for the 29^th annual Credit Law Conference.

Bringing together financial services institutions, regulators, professional service organisations, industry associations, and market disruptors, the annual conference and networking event is a critical platform to discuss the future of credit and lending in Australia.

This year’s expert speaks will provide commentary on the key issues currently afflicting the industry, topical and invaluable information and insights to inform, as well as strong thought leadership to ensure better consumer outcomes.

In the wake of the Royal Commission into Misconduct into Banking, Superannuation and Financial Services, this year’s comprehensive agenda will also shine a light on the implementation of Commissioner Hayne’s recommendations, with a strong focus on ensuring better consumer outcomes.

In a year of reform and re-establishing trust, the Credit Law Conference 2019 is a critical platform for open dialogue and is a not-to-be-missed event for Australia’s law firms, regulators, banks, credit unions, NBFIs, P2P lenders, financial services ombudsmen, and consumer lenders and advocates.

agenda

1:45 pm

CONFERENCE REGISTRATION | Lunch, Tea & Coffee

2:15 pm

OPENING | Opening remarks from the Chair
Amber Warren, Partner, Dentons

THE ROYAL COMMISSION, REFORM & RE-ESTABLISHING TRUST

2:30 pm

REGULATORY UPDATE | Australian Securities and Investments Commission
Tim Gough, Acting Executive Director, Credit, Retail Banking & Payments, Financial Services, ASIC

3:05 pm

INDUSTRY UPDATE | Australian Banking Association
Christine Cupitt, Executive Director, Policy, Australian Banking Association

3:30 pm

Networking and refreshment break

3:55 pm

LEGAL YEAR IN REFLECTION | The Royal Commission
Andrea Beatty, Partner, Piper Alderman

4:20 pm

FAIRNESS INSIGHTS
Professor Dean Sanders OAM, Partner, Deloitte

Commissioner Hayne (Principle 3), Corporations Act (s 912A), community expectations and statutory Codes of Ethics (e.g. FASEA) now all reference the language of ‘fairness’, so what does it mean in the new financial services environment. Is it a legal concept, an ethical one or a community one and how do we navigate through the various versions in practice?

4:45 pm

ROUNDTABLE | Why improving professionalism is key for the industry post Hayne
Tim Gough, Acting Executive Director, Credit, Retail Banking & Payments, Financial Services, ASIC
Christine Cupitt, Executive Director, Policy, Australian Banking Association
Professor Dean Sanders OAM, Partner, Deloitte
Moderator: Pauline Vamos, Director, The Banking & Finance Oath

The Royal Commission provided a huge opportunity for the industry to reconnect to its purpose and begin to restore consumer confidence. In order to articulate what that purpose is a strong focus on professionalising is being called for. Whether banking is a profession, is open to debate.

If professionalising is key, what steps are being taken to achieve this both internally and externally?
What lessons can be learnt from the UK moving to achieve this?
What is the competitive advantage?
As regulation alone cannot restore consumer confidence will professionalising banking achieve the right balance between regulation and self-regulation in order to change public perception

5:30 pm

CLOSING | Closing remarks from the Chair

5:45 pm

WELCOME RECEPTION

8:45 am

OPENING | Opening remarks from the Chair
Jon Denovan, Special Counsel, Dentons

8:55 am

KEYNOTE | Culture Ignited - The new world under the accountability regime
Samantha Carroll, Practice Director, Ash St. Legal & Advisory

COMPLIANCE POST HAYNE

9:20 am

INSIGHTS | Customer centric compliance
Julian Fenwick, Chair, RegTech Association

9:40 am

INSIGHTS | The Expense Verification Framework Initiative
Lisa Schutz, CEO Verifier, Member, Consumer Data Standards Advisory Committee

10:00 am

ROUNDTABLE | A holistic approach to compliance post Hayne
Lisa Schutz, CEO Verifier, Member, Consumer Data Standards Advisory Committee
Bradley Lynch, Senior in house Counsel, People's Choice Credit Union
Greg Ashe, Director, QED Risk Services
Julian Fenwick, Chair, RegTech Association
Elise Ivory, Partner, Dentons

What are the ACL holders’ concerns around compliance post Hayne?
A holistic approach combining regulatory watch, compliance, legal, and business functions, does not have to be more complicated than it already is so what are the solutions?

10:40 am

Networking and refreshment break

REGULATORY REFORM

11:00 am

INSIGHTS | ASIC’s Product Intervention Powers
Dr Marina Nehme, Senior Lecturer, Faculty of Law, UNSW Australia

11:25 am

INDUSTRY INSIGHTS | Design & Distribution Obligations
Susan Mitchell, CEO, Mortgage Choice

11:45 am

ROUNDTABLE | The implications of PIP & DADOs
Damian Kassabgi, Head of Public Policy, Afterpay
Karl Turner, Executive Director Policy & Risk Management, Australian Finance Industry Association
Susan Mitchell, CEO, Mortgage Choice
Gerard Brody, CEO, consumer Action Law Centre
Christian Mikula, Group Senior Specialist Major Projects, Financial Services, ASIC
Moderator: Michael Anastas, Partner, HWL Ebsworth

12:30 pm

Lunch and networking break

RESPONSIBLE LENDING

1:15 pm

UPDATE | RG 209
Jon Denovan, Special Counsel, Dentons

1:40 pm

KEYNOTE | Best Interests Duty for Mortgage Brokers
Jaime Lumsden Kelly, Solicitor Director, The Fold Legal

What it means for mortgage brokers and how it might apply in practice, with insights from the best interests duty for financial advisers.

2:05 pm

ROUNDTABLE | Banks, brokers and consumers - getting it right
Tim Donahoo, Head of Lending Operations, Mortgage Choice
Jaime Lumsden Kelly, Solicitor Director, The Fold Legal
Amanda Storey, Director of Legal Practice, Consumer Action Law Centre
Craig Chapman, Group General Counsel, BOQ (invited)
Moderator: Rachel Walker, Senior Associate, Dentons

The Government has chosen not to implement Hayne’s recommendation to abolish trailing commissions but it will review the impact of removing them in three years’ time.

The Council of Financial Regulators and the Australian Competition and Consumer Commission will undertake the review.

—— What could those implications be and how would the broking industry respond?

ENFORCEMENTS

2:45 pm

UPDATE | Enforcements
Rod Cameron, Partner, Hicksons

3:15 pm

Network and refreshment break

THE LENDING REVOLUTION

3:35 pm

ROUNDTABLE | SME Lending – A Digital Priority
Jill Lawrence, Assistant Director, Advocacy , ASBFEO
Anna Fitzgerald, Group Head of Corporate Relations, Prospa
Adam Lane, Managing Director, Tradeplus24
David Carter, Partner, Dentons

The challenges faced by small businesses when borrowing are numerous but with new operators providing better options on highly accessible platforms small business operators are better serviced more and more by tech-savvy lenders.

What are the advantages of borrowing online from such lenders?
What are the remaining obstacles to digital lending for this sector and how is data and technology overcoming this?
Why are approval rates higher with these lenders?

4:15 pm

KEYNOTE | TBC
Joshua Annese, Partner, Piper Alderman

7:00 pm

GALA DINNER

8:55 am

OPENING | Opening remarks from the Chair
Elise Ivory, Partner, Dentons

ANTI-MONEY LAUNDERING

9:00 am

UPDATE | Anti-Money Laundering update - current reforms and AUSTRAC priorities
James Moore, Partner, HWL Ebsworth

COMPLAINTS, DISPUTES & REMEDIATION

9:30 am

AFCA UPDATE & Q&A | Australian Financial Complaints Authority
David Locke, Chief Ombudsman & CEO, AFCA

10:00 am

ROUNDTABLE | Remediation – achieving it
David Locke, Chief Ombudsman & CEO, AFCA
Catherine Wolthuizen, Customer Advocate, Retail and Small Business, NAB
Narelle Smythe, Partner, Clayton Utz

What is the future for remediation?
How might it be able to be done more efficiently? What role can technology play?
Dealing with the challenges arising in credit.

10:45 am

Network and refreshment break

INTERNATIONAL PERSPECTIVES

11:10 am

INTERNATIONAL KEYNOTE | The alignment between Hayne's recommendations and the UK experience through TCF and conduct transformation
John Davison, Managing Director, Dentons Risk Consulting, UK and Middle East

TOWARDS A FAIRER FINANCIAL SYSTEM

11:40 am

INSIGHTS | CCR and Credit Scoring - can technology and legislation converge
Greg Ashe, Director, QED Risk Services

12:00 pm

ROUNDTABLE | Open banking ahead
Karl Turner, Executive Director Policy & Risk Management, Australian Finance Industry Association
Karen Cox, CEO, Financial Rights Centre
Scott Jamieson, Head of Compliance, 86 400
Lisa Schutz, CEO Verifier, Member, Consumer Data Standards Advisory Committee
Moderator: Hong-Viet Nguyen, Partner, HWL Ebsworth

As per the timeline,

1 July 2019 – Australia’s ‘big four’ banks – CBA, ANZ, NAB and Westpac – to make data available on credit and debit card, deposit and transaction accounts.

1 February 2020 -The big four to make mortgage data available.

1 July 2020 – The big four to make consumer data available on all other nominated deposit and lending products (e.g. pensioner deeming accounts, trust accounts, foreign currency accounts, business finance, consumer leases and asset finance).

All entities holding banking licences (other than foreign banking branches) to make data available on credit and debit card, deposit and transaction accounts.

1 February 2021 – All entities holding banking licences (other than foreign banking branches) to make mortgage data available.

1 July 2021 – All entities holding banking licences (other than foreign banking branches) to make consumer data available on all other nominated products. (courtesy of CHOICE website)

Are we ready?
How will consumers be educated to utilise open banking to their advantage?
Will the use of risk-based pricing make loans unaffordable for the already disadvantaged?
Will open banking assist with financial inclusion?