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Banking & 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 Sarcevic

Banking & 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 Sarcevic

Banking & 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 Sarcevic

Banking & 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 Sarcevic

Banking & 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 Sarcevic

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 Informa Insights

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 Informa Insights

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 Informa Insights
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