Financial Services

Financial Services

Financial Services

Corrs recognises that the high level of regulation in the financial services industry represents significant risk. Every day we work with our clients to help them recognise and manage the issues relevant for their business and turn risk and reform to an advantage.

As market leaders, we have been called to advise on growing market trends affecting the sector. One recent example is the increasing number of mergers and demergers by major financial services players, often in response to the strains of the global financial crisis. We’ve also been involved with major submissions and industry consultation associated with the Cooper Review, The Future of Financial Advice, and personal property securities reforms.

Corrs has a dedicated national group of advisors in financial services, superannuation, insurance, pension and sovereign wealth, funds management and investment. They combine industry experience across many sectors with expertise in varied and complex issues.

Our Experts

Alan Churley.jpg

Alan Churley

Partner Location Perth Profile
Andrew Lumsden.jpg

Andrew Lumsden

Partner Location Sydney Profile
Ben Davidson.jpg

Ben Davidson

Partner Location Melbourne Brisbane Profile
Christine Maher.jpg

Christine Maher

Consultant Location Brisbane Profile
MARTIN Colleen website grey SIZED TH

Colleen Martin

Special Counsel Location Melbourne Profile
FARRERJonathanwebsitegreySIZEDTH.jpg

Jonathan Farrer

Partner Location Melbourne Profile
Michael Chaaya.jpg

Michael Chaaya

Partner Location Sydney Profile
POPELIANSKINathanielTH.jpg

Nathaniel Popelianski

Partner Location Melbourne Profile
Peter Calov.jpg

Peter Calov

Partner Location Sydney Profile
CLARKE Robert website grey SIZED TH

Robert Clarke

Partner Location Melbourne Profile
SCHNABELSarahwebsitegreySIZEDTH14.jpg

Sarah Schnabel

Special Counsel Location Sydney Profile

Our Thinking

Superannuation slammed and carved up in budget – the reform cycle continues

Sweeping superannuation changes that will significantly impact industry and all superannuants have been announced by the Federal Government in its 2016/2017 Budget

More Download

Federal Budget 2016-17 – Key tax measures for business

Last night, the Federal Treasurer, Scott Morrison MP, released the 2016-7 Federal Budget. With an announcement regarding an election expected to be imminent, the Government has released a conservative budget that doesn’t tackle structural tax reform

More

ASIC’s Christmas Came Early – More Funding, More Powers and Industry Pays

20 April 2016 was a big day for ASIC.

More

ASIC Release Guidance on Marketplace lending

ASIC has issued an information sheet (INFO 213) to provide guidance on the regulatory requirements that apply to peer-to-peer lending programs that necessitate the adoption of a managed investment scheme business model.

More

“Quick and dirty” adjudication; it is quick but there is a limit to how dirty

In the recent decision of BGC Contracting Pty Ltd v Citygate Properties Pty Ltd [2016] WASC 88, the Supreme Court of Western Australia quashed two adjudication determinations made by the same adjudicator under the Construction Contracts Act (WA) 2004

More

Financial services providers beware: Results from ASIC’s latest enforcement report

19 criminal and 43 civil cases are currently before the Courts with ASIC taking enforcement action for breaches of financial services law including for unlicensed conduct, dishonest conduct and misleading statements.

More

Merchants beware: ACCC given powers to stop excessive surcharging

With the recent amendment to the Competition and Consumer Protection Act 2010, the ACCC has been given the power to take action where merchants charge customers excessive surcharges for paying for goods and services with credit or debit cards.

More

Robo-advice gets regulated: consultation on new regulatory guide commences

ASIC has reaffirmed its “technology neutral” approach to financial services regulation in a new consultation to address organisational competence, “adequate resources” and risk management issues associated with robo-advice.

More

Reform fatigue as superannuation consultation commences once again

The Productivity Commission’s review into the competitiveness and efficiency of Australia’s superannuation system is underway with public consultation now occurring.

More

Buyer and Seller Beware: Warranty and Indemnity insurers may be in a stronger position than the Seller

There has been considerable growth in the use of warranty and indemnity insurance, and in particular “Buyer Side Policies”, in commercial transactions. Under these policies, the position of the Insurer may be far stronger than many realise.

More

A fish rots (only) from the head?

The well-known maxim that a fish rots from the head down gives the clear message that when an organisation has failings, its leaders are to blame. Regulators are making a concerted push for greater enforcement powers- focussing on failures in corpora

More

Life insurers hit with FOFA-like reforms

New legislation introduced into Parliament will remove the life insurance exemption from the ban on conflicted remuneration and instead substitute new “benefit ratio” rules for life insurance products.

More

Superannuation review announced – with bigger things to come

The efficiency and competitiveness of Australia’s superannuation system will be under the microscope following an inquiry announced by the Federal Government.

More

APRA’s RSE governance reforms on hold – for now

In a letter to all RSE licensees, APRA has confirmed its proposed amendments to SPS 510 Governance and other prudential standards (on which we have previously reported) will not be progressed in the immediate future.

More

Consultation commences on commission restrictions in life insurance

The exemption from the FOFA conflicted remuneration provisions for life risk insurance products will be significantly amended from 1 July 2016 under draft legislation released by the Federal Government for consultation.

More

New laws target financial adviser competency

Minimum education standards, a professional training year, a mandatory exam and continuing professional development requirements will be developed by a new independent standards body for financial advisers.

More

APRA’s enforcement priorities for RSEs in 2016 – know them well and be prepared

Conflicts of interest, insurance in superannuation, investment governance, liquidity management, remuneration disclosure and risk management frameworks are high-priority areas for APRA.

More

Life insurers on life support: Proposed reforms threaten industry business models

ASIC will be given new powers to set caps on commissions and enable “clawbacks” of commissions paid under planned amendments to the Corporations Act following new reforms announced by the Federal Government.

More

Our Thinking

Superannuation slammed and carved up in budget – the reform cycle continues

Sweeping superannuation changes that will significantly impact industry and all superannuants have been announced by the Federal Government in its 2016/2017 Budget

Federal Budget 2016-17 – Key tax measures for business

Last night, the Federal Treasurer, Scott Morrison MP, released the 2016-7 Federal Budget. With an announcement regarding an election expected to be imminent, the Government has released a conservative budget that doesn’t tackle structural tax reform

ASIC’s Christmas Came Early – More Funding, More Powers and Industry Pays

20 April 2016 was a big day for ASIC.

ASIC Release Guidance on Marketplace lending

ASIC has issued an information sheet (INFO 213) to provide guidance on the regulatory requirements that apply to peer-to-peer lending programs that necessitate the adoption of a managed investment scheme business model.

“Quick and dirty” adjudication; it is quick but there is a limit to how dirty

In the recent decision of BGC Contracting Pty Ltd v Citygate Properties Pty Ltd [2016] WASC 88, the Supreme Court of Western Australia quashed two adjudication determinations made by the same adjudicator under the Construction Contracts Act (WA) 2004

Financial services providers beware: Results from ASIC’s latest enforcement report

19 criminal and 43 civil cases are currently before the Courts with ASIC taking enforcement action for breaches of financial services law including for unlicensed conduct, dishonest conduct and misleading statements.

Merchants beware: ACCC given powers to stop excessive surcharging

With the recent amendment to the Competition and Consumer Protection Act 2010, the ACCC has been given the power to take action where merchants charge customers excessive surcharges for paying for goods and services with credit or debit cards.

Robo-advice gets regulated: consultation on new regulatory guide commences

ASIC has reaffirmed its “technology neutral” approach to financial services regulation in a new consultation to address organisational competence, “adequate resources” and risk management issues associated with robo-advice.

Reform fatigue as superannuation consultation commences once again

The Productivity Commission’s review into the competitiveness and efficiency of Australia’s superannuation system is underway with public consultation now occurring.

Buyer and Seller Beware: Warranty and Indemnity insurers may be in a stronger position than the Seller

There has been considerable growth in the use of warranty and indemnity insurance, and in particular “Buyer Side Policies”, in commercial transactions. Under these policies, the position of the Insurer may be far stronger than many realise.

A fish rots (only) from the head?

The well-known maxim that a fish rots from the head down gives the clear message that when an organisation has failings, its leaders are to blame. Regulators are making a concerted push for greater enforcement powers- focussing on failures in corpora

Life insurers hit with FOFA-like reforms

New legislation introduced into Parliament will remove the life insurance exemption from the ban on conflicted remuneration and instead substitute new “benefit ratio” rules for life insurance products.

Superannuation review announced – with bigger things to come

The efficiency and competitiveness of Australia’s superannuation system will be under the microscope following an inquiry announced by the Federal Government.

APRA’s RSE governance reforms on hold – for now

In a letter to all RSE licensees, APRA has confirmed its proposed amendments to SPS 510 Governance and other prudential standards (on which we have previously reported) will not be progressed in the immediate future.

Consultation commences on commission restrictions in life insurance

The exemption from the FOFA conflicted remuneration provisions for life risk insurance products will be significantly amended from 1 July 2016 under draft legislation released by the Federal Government for consultation.

New laws target financial adviser competency

Minimum education standards, a professional training year, a mandatory exam and continuing professional development requirements will be developed by a new independent standards body for financial advisers.

APRA’s enforcement priorities for RSEs in 2016 – know them well and be prepared

Conflicts of interest, insurance in superannuation, investment governance, liquidity management, remuneration disclosure and risk management frameworks are high-priority areas for APRA.

Life insurers on life support: Proposed reforms threaten industry business models

ASIC will be given new powers to set caps on commissions and enable “clawbacks” of commissions paid under planned amendments to the Corporations Act following new reforms announced by the Federal Government.

Our Experts

Alan Churley.jpg

Alan Churley

Partner Perth +61 8 9460 1660
Andrew Lumsden.jpg

Andrew Lumsden

Partner Sydney +61 2 9210 6385
Ben Davidson.jpg

Ben Davidson

Partner Melbourne +61 3 9672 3500
Christine Maher.jpg

Christine Maher

Consultant Brisbane +61 7 3228 9413
MARTIN Colleen website grey SIZED TH

Colleen Martin

Special Counsel Melbourne +61 3 9672 3323
FARRERJonathanwebsitegreySIZEDTH.jpg

Jonathan Farrer

Partner Melbourne +61 3 9672 3383
Michael Chaaya.jpg

Michael Chaaya

Partner Sydney +61 2 9210 6627
POPELIANSKINathanielTH.jpg

Nathaniel Popelianski

Partner Melbourne +61 3 9672 3435
Peter Calov.jpg

Peter Calov

Partner Sydney +61 2 9210 6215
CLARKE Robert website grey SIZED TH

Robert Clarke

Partner Melbourne +61 3 9672 3215
SCHNABELSarahwebsitegreySIZEDTH14.jpg

Sarah Schnabel

Special Counsel Sydney +61 2 9210 6148