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Banking & 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 Sarcevic

Banking & 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 Amy Sarcevic

Banking & 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 Sarcevic

Banking & Finance | Legal

How should brokers prepare for the potential arrival of the Best Interests Duty?

The prospect of a Best Interests Duty for mortgage brokers is looming, leaving many uncertain about the potential impact on their everyday business practices. Commissioner Kenneth Hayne recommended the introduction of the consumer-minded mandate in the Royal Commission, citing the need for better documentation, demonstrability and accountability in all forms of consumer lending. He also…

7 Jun 2019, by Amy Sarcevic

Banking & Finance

Ravenhall Prison – another shining example of long term infrastructure financing

Prison infrastructure – and public works more generally - is seeing a renaissance in long term financing solutions after a temporary decline in popularity following the GFC. The Ravenhall Prison Public Private Partnership (PPP) has just completed a long term financing transaction, on which Allens advised The GEO Group. Ahead of Informa’s Prisons 2019 Conference,…

7 Jun 2019, by Amy Sarcevic

Banking & Finance | Healthcare

The headwinds confronting PHI and opportunities to grow participation

The Australian private health insurance (PHI) industry is no stranger to the topic of affordability, but with rates of participation declining for the first time since the introduction of Life Time Health Cover loading; the Medicare Levy Surcharge; and 30 percent Rebate some 19 years ago, the issue is resurfacing. Though participation rates remain generally…

12 Apr 2019, by Amy Sarcevic

Banking & Finance | Business | Legal

Ethics versus compliance – restoring consumer trust in financial services

As the Australian financial services sector continues to grapple with a post-Royal Commission consumer trust deficit, the efficacy of a compliance-based approach to banking has been called into question. Despite ethical mandates, such as ASICs “fairness initiative” and AFCA’s “fairness review”, a compliance framework continues to dominate banking practices; with efforts to instill a culture…

11 Apr 2019, by Amy Sarcevic

Banking & Finance

Mortgage broking in the eye of the storm

The Federal Government has announced that it will preserve current mortgage broker remuneration structures and override Commissioner Hayne’s recommendation to abolish lender-paid commissions in favour of consumer-based fees. The announcement has come in the midst of significant industry backlash, with economists, analysts, academics and brokers warning that the Commissioner’s recommendation – designed to protect consumers…

13 Mar 2019, by Amy Sarcevic

Banking & Finance | Healthcare

2019 a key year for PHI reform

2019 looks set to be a key year for private health insurance with the Australian Government this week confirming it will fund the development of a nationally searchable website to promote the transparency of medical specialist fees; with a complementary education initiative for consumers, GPs and specialists. The website will provide information on the costs…

8 Mar 2019, by Amy Sarcevic

Banking & Finance | Legal | Uncategorised

Remuneration and regulation post Hayne

The dust has now settled since Commissioner Hayne released his final verdict following the years-worth of industry interrogation, that formed the backbone of the Royal Commission into banking misconduct. Many of his recommendations were applauded by industry analysts, while others have been met with doubt, concern and outright resistance. Cutting through the wealth of industry…

4 Mar 2019, by Amy Sarcevic
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