Financial Institutions and Markets (J)



Financial Institutions and Markets (J)


Authors: Katherine Hayes, Partner and Greg Stirling, Senior Associate

Since the Financial Services Royal Commission, there have been a number of changes to the regulation of the financial services sector. The Australian Financial Complaints Authority (AFCA) and the Australian Securities and Investments Commission (ASIC) have not been immune and have been awarded some additional powers which they will be able to start exercising later this year.

Read more: 3 Things You Need to Know About AFCA and ASIC Post-Royal Commission


Written by Jamie Crawley

The never-ending uncertainty surrounding Britain’s departure from the European Union has prompted fears of large job cuts as businesses downsize British operations as a hedge against possible Brexit ramifications.

Read more: How is the UK Private Banking Industry Preparing for a no Deal Brexit? - Monica Atwal Comments...


On 29 August 2019, ASIC released Report 628: Looking for a mortgage: Consumer experiences and expectations in getting a home loan (REP 628). Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss findings of the Report and how these fit within the Government’s broader plan to address the findings of the Banking Royal Commission.

On 29 August 2019, ASIC released Report 628: Looking for a mortgage: Consumer experiences and expectations in getting a home loan (REP 628). The report is intended for lenders, mortgage brokers, consumer advocates, industry associations and other participants and outlines the findings from the ASIC commissioned consumer research. The research was aimed at better understanding consumer experiences and expectations when taking out home loans.

Read more: The Consumer Mortgage Experience: Do Lenders Shape Up?


Author: Kathryn Sharman

On 1 September 2019, the Isle of Man Financial Services Authority (the “Authority”) issued a Discussion Paper entitled “Forthcoming Amendments to Primary Legislation – Financial Services (Amendments) Bill”. The paper seeks to amend the Collective Investment Scheme Act 2008, the Designated Businesses (Registration and Oversight) Act 2015, the Financial Services Act 2008 and Insurance Act 2008.

Read more: Changes are Afoot for the Financial Services Act


Author: Kathryn Sharman

The Council of Europe body, MONEYVAL, of which is the Isle of Man is a member, has issued its second Enhanced Follow-up Report for the Island this month (September 2019). In the report, MONEYVAL positively re-rated some areas of the Isle of Man’s compliance with the Financial Action Task Force (FATF) 40 Recommendations.

Read more: MONEYVAL Update