Australian regulators weekly wrap — Monday, 31 August 2020

Keeping on top of the latest financial services regulatory & compliance trends?

Investing time in your professional development within a rapidly changing financial services industry is challenging. To meet that challenge, the Australian regulators weekly wrap is designed to keep you at forefront of your practice by quickly setting out the top 5 developments from the past week, analysis and practical considerations for the future.

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Thought for the future: paid debt consultants are, in my view, a troubled part of the financial services industry. They mainly offer access to free services e.g. internal IDR or AFCA for people in stressful situations, usually without any further services e.g. accounting or legal. For that information, and ongoing agitation on the customer’s behalf, they charge upfront or success fees which can often make those individual’s positions worse. As more households come under pressure given the effects of COVID-19, my sense is that more and more of these individuals will pop up, and so ASIC’s guidance is quite timely and will be well received…

(These views are my own and do not constitute legal advice. These updates are not designed to be comprehensive. Photo credit Tom Wheatley)

AU financial services lawyer in compliance, regulatory & disputes. Email sign-up: http://eepurl.com/gG9Kk1 and LinkedIn: https://www.linkedin.com/in/lthennessy/