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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 ..
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 ..
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 ..
ROYAL COMMISSION RESPONSE: CLAIMS AS A FINANCIAL SERVICE. 19 Mar 2019
This is the second blog in our Royal Commission Response series with Finity. In this blog (https://www.finity.com.au/2019/03/18/royal-commission-response-claims-financial) we look at the recommendation to regulate claims handling as a ‘financial service’, including: What the goal of the reco ..
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 ..
ROYAL COMMISSION RESPONSE: UNFAIR CONTRACTS. 04 Mar 2019
The Fold Legal has partnered with Finity to bring you a series of blogs responding to the Royal Commission. In this blog (https://www.finity.com.au/2019/02/27/royal-commission-response-unfair-contracts) we look at how the unfair contracts legislation may apply to insurance contracts, inc ..
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 ..
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