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HOW LENDERS AND BROKERS SHOULD ASSESS CREDIT CARD COSTS NOW. 06 Jun 2019
New responsible lending rules have changed the way brokers and lenders should now calculate credit card costs in all lending applications . In the first part of this series (https://www.thefoldlegal.com.au/blog/new-credit-card-rules-affect-all-lenders-and-brokers), we explained what the  ..
ROYAL COMMISSION RESPONSE: DESIGN & DISTRIBUTION OBLIGATIONS. 30 May 2019
This is the fifth blog in our Royal Commission Response series with Finity. In this blog (https://www.finity.com.au/2019/05/27/design-and-distribution-obligations) we look at the new product design and distribution obligations that will apply to insurers and underwriting agencies from 5 April 20 ..
CAN’T GET MANDATORY PI COVER? HERE’S WHAT TO DO. 27 May 2019
Some financial services and credit licence applications are being delayed because licensees simply cannot buy professional indemnity (PI) insurance. We outline what to do if this is happening to you. The Royal Commission has made it more difficult for licensees to get PI insurance T ..
NEW CREDIT CARD RULES AFFECT ALL LENDERS AND BROKERS. 20 May 2019
This is the first post in a two part series on the new responsible lending rules for credit cards.Tighter new rules mean that credit card providers must assess credit card applications more strictly. While not mandatory, other lenders and brokers should apply the same rules to their loan applica ..
TPB UPS THE ANTE ON PRIVACY CONSENT. 14 May 2019
Registered tax (financial) advisers have a higher obligation than other financial planners when disclosing information about their clients to third parties. This is because the Tax Practitioners Board’s (TPB) Code of Professional Conduct has more stringent requirements than the Privacy Act.  ..
ROYAL COMMISSION RESPONSE: ENFORCEABLE CODES. 07 May 2019
This is the fourth blog in our Royal Commission Response series with Finity. In this blog (https://www.finity.com.au/2019/05/01/rcr_gi_code) we look at the recommendations about making industry codes enforceable and the establishment of mandatory industry codes. If you need advice on what t ..
FOUR EMERGING TRENDS IN INSURTECH. 29 Apr 2019
You might think that Australia is behind the rest of the world when it comes to insurtech - but it’s not. After seeing what’s on offer in both Europe and Australia recently, I identified four key insurtech trends. 1. Data is improving insurance products Many incumbent insurers have leg ..
ROYAL COMMISSION RESPONSE: ANTI- HAWKING. 16 Apr 2019
Currently insurers are not permitted to offer financial products for issue or sale to retail clients in the course of or because of an unsolicited meeting at all, or in the course of a telephone call unless they have met certain requirements. The result is that there is virtually no cold-callin ..
DO RESPONSIBLE MANAGERS NEED ASIC APPROVAL? 10 Apr 2019
There is no legal requirement for ASIC to “approve” Responsible Managers (RMs), but that’s exactly what’s happening in practice. It’s now creating problems for licensees and RMs. The letter of the law Under the law, an RM is legally appointed from the date the AFS licensee det ..
HOW TO CAP YOUR CONTRACTUAL LIABILITIES. 05 Apr 2019
Insurance rarely covers all your contractual liabilities. The best way to know what you’re liable for under a contractual indemnity is to include a financial cap. A common problem with broad indemnity clauses is that you can be excluded from relying on your insurance policies or your l ..
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