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IT’S TIME TO REFINE CROWD-SOURCED EQUITY FUNDING. 19 Sep 2018
In September last year, ASIC introduced its new equity crowdfunding regime with much fanfare. Just 12 months later it looks over-hyped and under-utilised. We thought it would become a serious alternative to traditional forms of capital raising like IPOs and venture capital investment. New Ze ..
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 ..
THE FOLD WINS AT THE 2018 FINNIE AWARDS. 21 Jun 2018
We love all our clients, but it’s especially fun to work with innovators and entrepreneurs. That’s why we’re thrilled to have been named a winner at the 2018 Finnie Awards (https://fintechaustralia.org.au/finnies-18/) in the category of Excellence in FinTech Support Services – Professional Servi ..
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 ..
SME PLANNERS, ACCOUNTANTS & LIFE ADVISERS NEXT IN LINE FOR ASIC SCRUTINY. 28 May 2018
Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the major banks and AMP, it would be foolhardy to assume that non-bank advice firms are not a focus. Patterns emerging teach us that you are the next focus. How do we know this? Well, ASIC’s mo ..
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  ..
AVOID COMPLAINTS WITH GOOD QUALITY ADVICE. 07 May 2018
The Financial Ombudsman Service (FOS) resolves disputes between financial service providers and consumers. The best way to avoid or defend a dispute is to provide good quality advice. According to FOS, good quality advice means you have: Made reasonable enquiries to understand what your c ..
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 ..
THE FOLDTASTIC 4 COASTREKS FOR SIGHT. 20 Apr 2018
On 16 March, the Foldtastic 4 took on the challenge of Sydney Coastrek 2018 to raise money for the Fred Hollows Foundation. We walked 60 kms - from Manly to Bondi Beach. The Foldtastic 4 included Sonia Cruz, Jonathan So, Chris Deeble and myself. A special mention to Jessica Fraser who was bo ..
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