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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:  ..
MARKET TRENDS: BOLRS AREN'T A SURE THING. 15 Oct 2019
The challenges for AMP advisers with their buyer of last resort arrangements (BOLRs) has dominated the headlines. Many other advisers have BOLR arrangements with their dealer groups/licensees and while many of them have not yet refused to honour them, there is a definite shift in attitude.  ..
INSURANCE ALTERNATIVES: PART 2: PARAMETRIC INSURANCE. 11 Oct 2019
Following on from our last post (https://www.thefoldlegal.com.au/blog/the-rise-of-insurance-alternatives-part-1-an-overview) about insurance alternatives, in this post we outline what parametric insurance is and how it can help you in a hardening insurance market. What is parametr ..
THE RISE OF INSURANCE ALTERNATIVES: PART 1: AN OVERVIEW. 01 Oct 2019
The insurance market is hardening which means customers can’t always find traditional insurance solutions for their risk. This has increased demand for insurance alternatives with greater flexibility and a wider range of solutions for ‘hard to place risks’. This is the first in a four part  ..
WHAT’S NEXT FOR THE FINANCIAL ADVICE SAFE HARBOUR PROVISION? 25 Sep 2019
The Safe Harbour provision was supposed to provide financial advisers with more certainty in meeting their legal obligation to act in the best interests of their clients. But in the aftermath of the Hayne Royal Commission, the Safe Harbour provision’s days may be numbered. What is the Safe  ..
DEAL TRENDS: MANAGING THE RISK OF RECOVERY IN FINANCIAL TRANSFER TRANSACTIONS. 16 Sep 2019
We’ve recently noticed that both buyers and sellers have heightened concerns about their risks and exposures when transferring financial advice portfolios. Both are looking for different ways to manage their financial risk of recovery. Sellers want to know what their liabilities and obligations ..
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  ..
DO YOU KNOW HOW YOUR CRYPTO TOKEN IS REGULATED? 30 Aug 2019
The rise of cryptocurrency has created new challenges for everyone from crypto token designers through to brokers and custodial service providers. The biggest issue is how to characterise a token and whether it’s a financial product. While ASIC has issued some helpful guidance (https://asic ..
WHEN CAN FINANCIAL ADVISERS RECOMMEND A SWITCH TO AN IN-HOUSE PRODUCT? 21 Aug 2019
There is a conflict any time a financial adviser recommends an in-house product, but the conflict can be managed. ASIC has determined that conflicts with in-house products do exist In its Report 562 (https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-562-financia ..
DEAL TRENDS: WARRANTIES AND INDEMNITIES IN THE SALE OF FINANCIAL ADVICE PORTFOLIOS. 12 Aug 2019
The sale of financial advice portfolios is on the rise and both buyers and sellers are finding new ways to allocate risk. In this post, we put the current deal trends under the microscope. Following the Royal Commission, and as we move towards the deadlines for new FASEA requirements t ..
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