Posts tagged Consumer Protection
Review and remediation: "make it right"

Monitoring and Supervision, Consequence Management and Remediation are three elements of a compliance framework that best highlight, or expose, a Licensee’s capability and competence. Not only do they reveal fundamental aspects of a Licensee’s organisational competence but, more importantly, they expose its values, principles and standards.

This article examines explores ASIC’s views and provides tips for better results.

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A pox on both your houses: ASIC, mortgage brokers and conflicts

The mortgage broking industry has, for a variety of reasons, recently attracted an increased degree of regulatory attention. In the midst of a Royal Commission this is hardly likely to comfort alert mortgage brokers . As the Banks, that both dominate and compete with the mortgage broking industry, identify problems and propose solutions, brokers are left to puzzle out the likely consequences of these discussions. This article explores the reasons and the drivers for the anticipated reforms of the mortgage broking industry. 

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Hanging out with Nudists: Data, Tech and the Privacy Act

In Australia, 12 March 2014 marked the commencement of a more robust privacy regime for businesses and organisations as changes to Privacy Act 1988 commenced. From this date 10 National Privacy Principles and 11 Information Privacy Principles were harmonised into 13 Australian Privacy Principles. Heralded as “the most significant privacy reform in 25 years” the practical impact of these changes varied significantly across the financial services industry. This article outlines the context of these changes and practical steps for compliance with the new APP.

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