Financial Institutions and Markets (J)
Authors: Andrea Beatty; Chelsea Payne; Chloe Kim
Australian Securities & Investments Commission (ASIC) has commenced legal action against the perpetrators of “bad advice” presented at the Banking Royal Commission.
In a landmark decision with a historic nine-member panel of judges, the Federal Court in the case of JRI Resources Sdn Bhd v Kuwait Finance House (M) Bhd (President of Association of Islamic Banking Institutions Malaysia & Anor, interveners) held that any decision by the Central Bank of Malaysia’s (Bank Negara Malaysia) Shariah Advisory Council (SAC) on Islamic finance is constitutional and binding on civil courts.
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.
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.
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.