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ASIC'S REGULATORY SANDBOX. 16 Dec 2016
On 15 December 2016, ASIC unleashed its long-awaited regulatory sandbox which allows innovative businesses who use technology to provide financial and credit services to test their product and service offerings for up to 12 months without a licence. It’s called a Concept Validation Lic ..
ONLINE CONTRACTS - CLICK TO AGREE. 07 Dec 2016
When millions of users signed up for ‘Pokémon Go’ they agreed to a term granting the app developers access to see and modify nearly all of their information on their Google accounts - including emails. We’ve been wondering how many users were aware of this. Were you? In our online world, pe ..
NEW TOUGH APPROACH TO LICENSING. 15 Nov 2016
ASIC is now taking a tougher approach on AFS and ACL licence applications – they’re refusing to accept applications for lodgement if they don’t contain all the required material and they’re taking a more detailed and rigorous approach to assessing applications. Lodgement failures On l ..
LIFE COMMISSIONS AND OSTRICHES. 04 Oct 2016
The volume of noise emanating from the vocal group of life advisers who seem to believe they can push back the tide on life commissions caps is a truly remarkable phenomenon. There's no point fighting it. It's inevitable, not least due to the inappropriate advice practices of the past.  ..
CHANGES TO MDA REGULATION. 30 Sep 2016
The revised MDA services framework has (finally) arrived. And the news is good. We believe the changes strike a constructive balance between consistency and flexibility and should effectively accommodate the considerable variety of MDA service models in today’s financial services landscape.  ..
ADD-ON INSURANCE LANDSCAPE TO RADICALLY CHANGE. 14 Sep 2016
ASIC’s damning investigation into the sale of insurance by car dealers is likely to drastically change the add-on insurance market. Insurers and their agents must act quickly to avoid enforcement action by ASIC. Here’s what insurers need to do. Now. If not sooner. Reduce excessive commi ..
THE FOLD WINS 2016 LEGAL INNOVATION INDEX. 25 Aug 2016
For the second year running The Fold Legal has won a place on the 2016 Legal Innovation Index announced by LexisNexis® and Janders Dean. This year’s win recognises our innovative approach to partnering with the firm’s fintech and financial services start-up clients. The Fold has establ ..
THE IMPACT OF TIME BARRING. 01 Aug 2016
Time-bar clauses do exactly what they sound like: they restrict the timeframes in which rights can be enforced. This can be a problem because signing contracts which contain these clauses means that an insured may be giving up some of their rights under their insurance policy. What are they? ..
UNPAID LIFE INSURANCE REMAINS VALID. 26 Jul 2016
Watch out insurers: life insurance policies can remain on foot even if the premium is unpaid. How is this even possible? Most people assume that if they don’t pay the premium, their insurance policy will lapse. In a curious twist caused by a change to the Insurance Contracts Act 1984 (C ..
A WARNING ON GENERAL ADVICE. 22 Jul 2016
Although it’s common knowledge that financial advisers who provide general advice to retail clients must provide a general advice warning, the warning must be effective. If you believe a simple warning at the bottom of a website is sufficient, think again! What should a general advi ..
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