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Responsible Lending and Borrowing Summit

Financial Literacy and compliance in an open banking world

2-3 March 2020 | Radisson Blu Plaza, Sydney

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overview

The Responsible Lending & Borrowing Summit will be in its fourth year in 2020 and with Open Banking being rolled out in Australia we have a potential game changer as the balance of power shifts and the industry recalibrates to adjust to the implementation of recommendations by the Royal Commission.

In order to ensure better consumer outcomes the industry and Government must invest in financial literacy to ensure open banking is the success many hope it will be.

The summit will provide a unique opportunity to discuss and debate the changes impacting the industry whilst we hear from the regulators and industry thought leaders on responsible lending & borrowing in practice.

sponsors

agenda

8:30 am

OPENING | Opening remarks from the Chair

Samantha Carroll, Practice Director, Governance, Compliance & Regulation, Ash St. Legal & Advisory

8:35 am

REGULATORY UPDATE | Australian Securities and Investments Commission

Tim Gough, Acting Executive Director, Credit, Retail Banking & Payments, Financial Services, ASIC

9:05 am

AFCA UPDATE | Australian Financial Complaints Authority

Evelyn Halls, Lead Ombudsman - Banking and Finance, AFCA

9:35 am

Verification is the current battle ground at the forefront of the issues with meeting responsible lending obligations. Under the new Open Banking regime the ethical use of data along with concerns over privacy have the potential to further exacerbate issues, with ‘consent’ being of utmost importance going forward. We discuss these issues with ASIC’s new guidelines in mind using a fairness lens.

10:30 am

Networking and refreshment break

EMPOWERING CONSUMERS

11:00 am

INTERNATIONAL INSIGHTS | Why New Zealand introduced an effective responsible borrowing code

Tim Barnett, CEO, FINCAP

11:30 am

—— Empowering consumers to understand Responsible Lending Regulations
—— The futility of highlighting Responsible Lending regulations at the point of sale/contract
—— Why ‘not for profit’ support services cannot compete with forprofit organisations to assist consumers

12:00 pm

A Code of Responsible Borrowing covers the other part of the equation – the borrower. It asks the borrower to do their homework before they sign a loan or credit contract, to make sure they know what they can afford, have looked at all their options and provided full information to the lender. New Zealand chose to implement a non-enforceable code. Should Australia follow suit and introduce a similar code? Can a non-enforceable responsible borrowing code achieve better consumer outcomes?

12:45 pm

Lunch and networking break

ASIC ‘s revised guidelines provide much needed clarity post Hayne. The law remains the law and the ultimate responsibility is with the lender. The regulator has provided clear guidance on where the lenders responsibility lays. With a fresh RG 209 holders of an Australian credit licence will be able to comply with their responsible lending obligations by following this guidance in order to make better lending decisions. We hear from the Australian Banking Association, AFIA and the professional services firm Deloitte in this session.

1:30 pm

INDUSTRY RESPONSE | Australian Banking Association

1:55 pm

—— What does “reasonable enquiries” look like?
—— Does scaleability still have a role to play?
—— The proof challenge – what needs to be kept, showing compliance?

2:20 pm

With a revised RG209 to discuss and the current lending climate we look closely at the interplay of fairness and a lenders obligation to the borrower in anticipation of AFCA’s guidance on what fairness will look like in practice.

3:05 pm

Networking and refreshment break

WHAT CONSUMERS ARE THIKING

3:30 pm

INSIGHTS | Where does it all leave the consumer?

Simon Elwig, Head of Lending, Coredata

3:55 pm

—— What the data sets are saying about housing affordability
—— Is low volume afflicting the Real Estate industry?
—— What the data revealed about lending standards

4:40 pm

Day One wrap

4:45 pm

Close & networking drinks

8:55 am

OPENING | Opening remarks from the Chair

PIECES OF THE PUZZLE

9:00 am

Housing affordability - millennials

Lisa Claes, CEO, CoreLogic International

9:25 am

Mortgage Lending Reforms

Patrick Dwyer, Legal Director, Dwyer Harris

9:45 am

We open discussion on several key issues that are continuing to affect the industry.

—— Hayne Royal Commission outcomes
—— The Best Interests Duty – how responsible lending will be affected by Mortgage broker best interests duty – what are the requirements and objectives
—— Mortgage broker remuneration reforms
—— Responsible lending and sales incentives
—— A revised RG209 and how brokers are responding

10:30 am

Networking and refreshment break

SOCIO ECONOMIC IMPLICATIONS OF BAD CREDIT

11:00 am

Instalment loans – the reinvention of payday lending

Gerard Brody, CEO, consumer Action Law Centre

11:20 am

CASE STUDY

Peter McNamara, Director, ACOSS & former CEO, Good Shepherd Finance

11:40 am

Discussing the Small Amount Credit Contract Review (SACC) we look at a recent report by the Stop the Debt Trap which highlights the significant issues around this type of predatory lending. What the statistics reveal is frightening and the devastation this type of credit is causing should be the concern of every financial institution. We look at why certain states reflect greater use of this style of lending and why women and especially vulnerable women fall prey. The Government is being called to pass critical protections into law to stop the harm caused by payday loans.

12:35 pm

Lunch and networking break

FINANCIAL DATA

1:30 pm

ASIC’s revised RG209 has placed a spotlight on where lenders will obtain accurate information from a consumer in order to make an informed decision about the borrower’s capability to repay the loan. Data will play a central role in the verification process and with open banking we will for the first time be able to provide institutions with real-time accurate data. What the lender will do with this data is important and how this will start to impact the industry is yet to be seen. We discuss how data will transform this industry and impact lending decisions.

2:15 pm

KEYNOTE | Anti-money laundering and the financial system's back doors

Nathan Lynch, Manager, Regulatory Intelligence | Asia-Pacific, Thomson Reuters

REGULATORY TECHNOLOGY – SUPPORTED BY REGTECH ASSOCIATION

2:45 pm

Technology is at the heart of the transformation taking place in the industry, from automated solutions bringing greater accuracy and insights to better manage credit risk to artificial intelligence that will enhance credit risk assessment tools with fast and accurate analysis of comprehensive credit data reporting ensuring verification is seamless in areas such as repayment history, income verification, analysis of employment data and bank transaction data. We expect that technology will assist a lender to meet their obligations for responsible lending criteria under the National Consumer Credit Protection Act 2009:

  1. make reasonable inquiries about the consumer’s requirements and objectives
  2. make reasonable inquiries about the consumer’s financial situation
  3. take reasonable steps to verify the consumer’s financial situation.

These three criteria have been the focus of the Royal Commission into Misconduct in Banking, Superannuation and Financial Services Industry; the Australian Securities and Investments Commission’s (ASIC) new Regulatory Guide 209, and the Australian Prudential Regulatory Authority’s proposed Prudential Standard 220 – Credit Risk Management standard.

The Consumer Action Law Centre in their submission to ASIC has claimed that ‘automated lending systems have protected lenders’ credit risks and have not protected people from loans which are harmful’. How can technology assist the industry to ensure this is not the case? How do we re-think decision flows using automation to ensure this is not the case? Is the answer to automate our design and distribution obligations?

3:30 pm

Close of conference

pricing

Packages Price
Package(Two Days)$2595+GSTEarly Bird
Packages Price
Package(Two Days)$1495+GSTEarly Bird

speakers

Tim Gough

Acting Executive Director, Credit, Retail Banking & Payments, Financial Services, ASIC

The Hon. Anna Bligh AC

CEO, Australian Banking Association

Evelyn Halls

Lead Ombudsman - Banking and Finance, AFCA

Colin Neave AM

Customer Fairness Advisor, ANZ

Sally Davis

CEO, Code Compliance Committee & General Manager, Codes, AFCA

Lisa Schutz

CEO, Verifier

Gerard Brody

CEO, consumer Action Law Centre

Lisa Claes

CEO, CoreLogic International

Karl Turner

Chief Operating Officer, AFIA

Samantha Carroll

Practice Director, Governance, Compliance & Regulation, Ash St. Legal & Advisory

Julian Fenwick

Chair, RegTech Association

Mark Jones

CEO, Society One

Narelle Smythe

Partner, Clayton Utz

Susan Mitchell

Chief Executive Officer, Mortgage Choice

Chalisa Parekowhai

Director Policy, AFIA

Angela Di Rago

Principal | Audit & Assurance, Governance, Regulatory and Conduct Solutions, Deloitte

Tim Lawless

CoreLogic International

Nerida Conisbee

Chief Economist, REA Group

Patrick Dwyer

Legal Director, Dwyer Harris

David Hyman

CEO, Lendi

Scientia Professor Ross Buckley

UNSW Law Sydney

Tim Barnett

CEO, FINCAP

Nathan Lynch

Manager, Regulatory Intelligence | Asia-Pacific, Thomson Reuters

Greg Ashe

Director, QED Risk Services

when & where

02 - 03 Mar 2020

Radisson Blu Plaza Hotel Sydney
27 O’Connell Street
Sydney NSW 2000
Phone: (02) 8214 0000

Book accommodation with HotelMaps
To access the best available rate, book here.

contact

Still have a question?

Veronique Henrisson
Conference Producer
+61 (02) 9080 4054
Veronique.Henrisson@informa.com

Andrew Sinkovich
Sponsorship Manager
+61 (02) 9080 4008
Andrew.Sinkovich@informa.com

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