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WHEN IT’S ILLEGAL TO OFFER AN INCENTIVE FOR REFERRALS 09 Mar 2018
If you’re trying to grow your business or want to bring more customers to your door, at some point you’re bound to consider implementing a referral program and incentives for making referrals. Referral incentives involve offering a reward to your customers for sending new customers to you.  ..
SIMPLIFY INVESTMENTS WITH BARE TRUSTS. 02 Mar 2018
A small number of sophisticated or wholesale investors can use a bare trust to access investments. They’re convenient as a ‘single-investor’ model, where each asset needs to be separately identified and held on trust for a specific beneficiary. That’s why a bare trust works well for things l ..
MUTUALS: THE FUTURE OF P2P INSURANCE? 26 Feb 2018
Peer-to-peer (P2P) is on the rise - from AirBnb to AirTasker - there’s a distinct shift towards increasing the power of community and insurance is no exception. It’s estimated that the global P2P market for financial services (https://www.nasdaq.com/article/the-rise-of-peertopeer-p2p-lending-cm6 ..
BUY NOW PAY LATER CONSUMER PROTECTIONS NOT CLEAR CUT. 06 Feb 2018
Sales are booming for buy now pay later services. One of the largest operators, Afterpay, achieved more than $900 million (http://www.afr.com/technology/afterpay-touch-shares-hit-record-high-as-sales-surge-20180116-h0j1g5) in sales in the first half of this financial year. The services let c ..
IT'S TIME TO CHANGE THE DEFINITION OF CONTROL. 31 Jan 2018
This is the third post in our series on the ASIC Enforcement Review Taskforce’s third Position and Consultation paper (https://treasury.gov.au/consultation/strengthening-asic-licensing-powers/) on Strengthening ASIC’s licensing powers (the Position Paper). The Position Paper contemplates several ..
DATA BREACH REPORTING – ARE YOU READY? 18 Jan 2018
You’ve heard about the new data breach reporting regime, but what exactly is it and what do you need to do to comply? Effective 22 February 2018, if your business is caught by the Privacy Act, you must report a ‘notifiable data breach’ to the Office of the Australian Information Commissione ..
WHAT DOES A "FIT AND PROPER PERSON" LOOK LIKE? 30 Nov 2017
In the ASIC Enforcement Review Taskforce’s third Position and Consultation paper (https://treasury.gov.au/consultation/strengthening-asic-licensing-powers/) (the Position Paper), ASIC has stated that it wants to apply a “fit and proper person” test to controllers of AFS and credit licensees, and ..
ACCOUNTANTS GET THE SHORT END OF THE STICK—AGAIN. 16 Nov 2017
Ever since the accountants’ limited licence regime was introduced, limited licensees have been at a disadvantage compared to full licensees. Red tape is unnecessarily complicated The application process for limited licensees is unnecessarily onerous. Even full licensees have never had  ..
THE REAL COST OF EXCESSIVE PAYMENT SURCHARGES. 01 Nov 2017
On 1 September 2017, new restrictions were introduced that prevent businesses from passing on excessive credit card surcharges to their customers. All merchants who offer credit and debit card payment options to their customers cannot charge ‘excessive costs’ when accepting certain credit a ..
WHEN IS IT FIT AND PROPER FOR ASIC TO CANCEL LICENCES? 11 Oct 2017
The ASIC Enforcement Review Taskforce released its third Position and Consultation paper (https://treasury.gov.au/consultation/strengthening-asic-licensing-powers/) in June 2017 (the Position Paper). The paper explores how to strengthen ASIC’s licensing powers. Over the next five posts I’ll outl ..
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