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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 ..
DON’T LOSE TOMORROW’S LEADERS, LOCK THEM IN. 11 Mar 2019
As the level of M&A activity increases in the financial services industry post Royal Commission, it’s time to put in place incentives so you don’t lose key employees. Many business owners count on key employees being there to take over the reins. But often key employees leave to w ..
IMPACT OF THE GDPR ON AUSTRALIAN BUSINESSES 05 Nov 2018
You may think you’re not affected by the European Union’s new General Data Protection Regulation because you don’t advise clients in the EU? Think again – especially if you use apps like Mailchimp or DocuSign. Even if you merely monitor your clients’ behaviour when they are travelling i ..
THE FOLD WINS AT THE 2018 PROFESSIONAL SERVICES AWARDS. 30 Oct 2018
Winning awards is great, but it’s especially rewarding when they’ve been judged by our clients! That’s why we’re thrilled to have been named a winner in both the Insurance and Banking & Finance categories at the 2018 Professional Services Awards (https://www.professionalservicesawards.com.au ..
FOS / AFCA TRANSITION INVOLVES MUCH WORK FOR AFS LICENSEES. 27 Sep 2018
By now, all credit and financial services licensees, and superannuation trustees must have joined AFCA. But don’t overlook the additional work required to effectively transition from your existing external dispute body to AFCA by 1 November 2018. The two key things you need to do are: #1 ..
RMs, CHANGE OF CONTROL AND THE QUESTION OF COMPETENCE. 06 Sep 2018
A change of control of an AFS licensee or credit licensee is not presently subject to approval by ASIC. The ASIC Enforcement Review Taskforce has recommended that this be addressed in its third Position and Consultation paper (https://treasury.gov.au/consultation/strengthening-asic-licensing-pow ..
BUSINESS LENDING UNFAIR CONTRACTS. 21 Jun 2018
Small business lenders are in the spotlight following ASIC’s report on unfair contract terms in small business loans. With ASIC setting clear expectations about how small business lenders will amend their contracts, it’s important to get this right. Who is protected? A small business emp ..
SME CREDIT PROVIDERS NEXT IN LINE FOR ASIC SCRUTINY. 06 Jun 2018
Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the lending practices of the major banks, it would be foolhardy to assume that non-bank lenders are not a focus. Patterns emerging teach us that they are the next focus. How do we know this? W ..
CHANGES TO ASIC LICENSING. 22 May 2018
At a liaison meeting between ASIC and professional licensing consultants in March this year, we were warned not to expect a return to the good ol’ days of 2 month turnarounds on AFS and credit licence applications – ever! It seems that ASIC considers 6 months to be an acceptable minimum. Here’s  ..
LEVERAGE INSURANCE TO NEGOTIATE FAIRER CONTRACTS. 30 Apr 2018
In November 2016, the Australian Consumer Law (ACL) introduced new protections for small business. These prevent (often larger) businesses from trying to rely on unfair contract terms. The Federal Court recently decided the first court case on this legislation. The case involved waste manag ..
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