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SO MUCH FOR BUY NOW, REGULATE LATER. 18 Oct 2019
Buy now pay later is regulated in a number of ways even though it isn’t ‘consumer credit’ under the National Credit Code. Some consumer protections apply to buy now pay later The consumer protection provisions in the ASIC Act apply to buy now pay later. This includes prohibitions on:  ..
DON'T BE BLOWN OFF YOUR FEET BY THE NEW WHISTLEBLOWER PROTECTIONS. 06 Sep 2019
New whistleblower protections expand who is protected and what they can disclose. This regime applies to regulated companies and financial service providers including banks, life companies, general insurers and superannuation funds. More people are now protected whistleblowers  ..
THE FOLD BOLSTERS ITS TEAM WITH PROMOTIONS & NEW ADDITIONS. 01 Aug 2019
We’re delighted to announce that Simon Carrodus (https://www.thefoldlegal.com.au/people/simon-carrodus), who joined The Fold in early 2018, has been promoted to Solicitor Director. Simon leads our wealth management practice, and whilst many know him for his colourful analogies and straight ..
LENDERS MAY NEED TO VARY THEIR LICENCE TO SELL AT POS. 23 Jul 2019
Financiers who distribute through retailers may need to vary their licence in preparation for the end of the point-of-sale (POS) exemption. The exemption was flagged to go by the Royal Commission. The credit representative model is the most obvious one to replace it. This will place fin ..
5 REASONS ASIC WILL REJECT YOUR LICENCE APPLICATION. 03 Jul 2019
ASIC rejects 30% of AFS licence applications and 24% of credit licence applications. In this article, we explain why it rejects applications and give you tips on how to avoid becoming a statistic. In 2017/2018, ASIC approved just 40% of all Australian financial services licence (AFSL)  ..
MCIS: A NEW CAPITAL RAISING OPPORTUNITY FOR MUTUALS. 20 Jun 2019
Discretionary mutuals are often driven by the desire to join together for a common purpose, but they can be expensive to establish. A recent legislative change has now created a new opportunity for mutuals to raise start-up capital through Mutual Capital Instruments. What are Mu ..
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  ..
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 ..
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 ..
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