N

Our legal experts will keep you up to date on all relevant and current developments.

Ignore Cyber Protection – Pay the Price: Australian Securities and Investments Commission v RI Advice Group Pty Ltd [2022] FCA 496

It has happened: a company that failed to implement proper cyber security measures in Australia has been taken to court by the regulators, with the company ordered to pay costs of $750,000.

In the matter of the Australian Securities and Investments Commission v RI Advice Group Pty Ltd [2022] FCA 496, the Court found that a financial services provider had breached its licence obligations, and failed to act efficiently or fairly by not having in place adequate risk management systems to cater for risks arising in relation to cyber security.


Buy Now Pay Later (BNPL) Update: How to Seek and Keep Code Compliance Accreditation

Buy Now Pay Later (‘BNPL’) is a system of advancing funds to consumers for the purchase of goods and services, with repayments made in regular instalments. The consumer can take possession of the goods or services immediately.

Currently, BNPL advances are unregulated by consumer credit law, as no interest is charged on the advances. 

The National Consumer Credit Protection Act 2009 does not apply, and providers of BNPL finance are not required to meet the compliance requirements of that legislation.

Finance providers obtain a return on BNPL transactions via the collection of merchant fees (paid by vendors to the finance provider at the time of sale) and by recovery of fixed late fees by consumers if they default on their repayment schedule.


Transformation of Australia's Digital Payment System

The current landscape of regulation in respect of digital payments within Australia is set to change significantly within the coming 12-18 months.  

Part of this change is the prospect of greater codification and regulation of the legal management of the varying types of payment systems - including Buy Now Pay Later (‘BNPL’), cryptocurrency, and mobile telephones; as well as traditional systems such as credit cards and eftpos.


Supreme Court Guidance On AFCA Procedures - Australian Capital Financial Management Pty Limited v Australian Financial Complaints Authority Limited (2021) NSWFC 1577
Thursday 9 December 2021 / by Nick Maley posted in Banking & Finance AFCA Borrowing

In a single judge decision delivered on 7 December 2021, the Supreme Court of NSW has provided guidance on what is required of AFCA in its procedures to determine factual disputes.

In the decision of Australian Capital Financial Management Pty Limited v Australian Financial Complaints Authority Limited (2021) NSWFC 1577, Ball J in the Supreme Court of NSW made a number of findings concerning an application for judicial review of an AFCA decision. 


Lenders and Financiers: The Importance of Meeting Obligations

The 16 July 2021 decision in LNCP002 Pty Limited v Akcin [2021] NSWSC 848 has highlighted the obligations of lenders and financiers to act fairly and in good faith with respect to borrowers in mortgage lending, and to do what they have promised to do.


Holman Webb Listed as Finalist - Lawyers Weekly Australian Law Awards 2021

Holman Webb Lawyers is proud to relay that the firm has been listed as a finalist in two categories in the Lawyers Weekly Australian Law Awards 2021:

  • Law Firm of the Year
  • Insurance Team of the Year

Click through for more information on this year's finalists, and upcoming winner announcements.


Supreme Court Upholds AFSL Holder’s Right to Claim Indemnity From an Authorised Representative for Insurance Deductibles

In the decision of Mason v Cashel Financial Services Pty Limited [2021] NSWSC 201 delivered on 9 March 2021, the Supreme Court of NSW confirmed that an indemnity in a contract between an AFSL holder and its authorised representative, entitled the AFSL to recover an insurance excess and deductible incurred to settle a claim brought by a third-party investor arising from the conduct of the representative.

The decision makes clear what has been known for a long time: that a properly drafted indemnity gives a clear right to license holders to recover far reaching losses arising from the negligence and omissions of authorised representatives. 


Supreme Court Curbs AFCA Jurisdiction: DH Flinders Pty Limited v Australian Financial Complaints Authority Limited

In a decision of the NSW Supreme Court given on 26 November 2020, the Court has found that AFCA has no jurisdiction to determine a dispute against an AFSL holder where the complaint arises from the conduct of its representative allegedly acting outside their authority.


Scammers, Hackers and Dodgy Money Transfers – are you Protected?

Recent reports that former NRL player Benny Elias was scammed out of $860,000 when hackers impersonated his lawyer during a property transaction come as an important reminder to be extra careful when transferring money online.


SMSF Auditor Liability - Accountant Update April 2019
Thursday 11 April 2019 / by Shane Roberts and Callun Blurton posted in Banking & Finance Business, Corporate & Commercial

Two recent cases involving SMSF auditors highlight the potential liability of auditors in undertaking audits of SMSF’S and the need for auditors to obtain evidence to support the opinions expressed. Find out more in our April 2019 Accountant Update


Recent Posts






1

2