financial services

  • Assessing disability claims fairly

    3rd Jun 2021

    Liam Hanlon and Dr Benjamin Koh discuss two major outcomes from the Banking Royal Commission for insurance claims assessors, including the requirement of an Australian Financial Services Licence and the statutory obligation of utmost good faith. These outcomes set a higher legal standard for claims assessors to operate fairly and provide valuable consumer protections to those claiming disability benefits.

  • Consumers let down as Govt fails to action Banking RC two years after findings released

    1st Feb 2021

    Super fund members, bank customers and insurance policy holders have all been let down by the Federal Government’s failure to implement the recommendations of the Financial Services Royal Commission at the second anniversary of the release of Commissioner Hayne’s findings, says the Australian Lawyers Alliance (ALA)

  • ASIC’s loss to Westpac is terrible for everyone

    3rd Sep 2020

    Despite its Federal Court loss in Australian Securities and Investments Commission v Westpac Banking Corporation [2020] FCAFC 111, ASIC was right to appeal the dismissal of its responsible lending case, says Andy Schmulow. He discusses how this case has exposed the deficiencies of the purported remedy for reckless lending and advocates for urgent legislative reform.

  • COVID-19 financial losses highlight urgent need for Compensation Scheme of Last Resort

    16th Apr 2020

    Consumers who have received negligent financial advice need a Compensation Scheme of Last Resort now more than ever as financial losses are amplified by the COVID-19 economic crisis, says the Australian Lawyers Alliance (ALA).

  • Can fintechs lessen financial stress for low-income employees?

    16th Jan 2019

    An exploration of ‘employer-based’ fintechs and how the impact of their services may be a win-win for both financially stressed employees and cost-conscious employers.