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

Must try harder: ASIC’s Half Term Report Card

ASIC’s report on enforcement outcomes for the first part of 2016 reveals a rise in criminal charges and infringement notices.

More

Banks breathe easy for now

It’s being hailed as a win for the banks. But could this week’s High Court decision in favour of ANZ be a pyrrhic victory?

More

Court Of Appeal Clarifies Restrictions in Responsible Entity Voting

We take a look at the decision in AMP Life Ltd v AMP Capital Funds Management Ltd & Anor [2016] NSWCA 176. The decision clarifies the voting restrictions placed on responsible entities and their associates.

More

The New Insider Trading Trend: Harsher Penalties and Greater Risks for Businesses – Part Two

By pursuing recent high profile cases against Richard Kamay, Steven Xiao and Oliver Curtis, ASIC has shown that it will prosecute those who have engaged or been involved in insider trading. What does this mean for you and your business?

More

The New Insider Trading Trend: Harsher Penalties and Greater Risks for Businesses – Part One

By pursuing recent high profile cases against Richard Kamay, Steven Xiao and Oliver Curtis, ASIC has shown that it will prosecute those who have engaged or been involved in insider trading.

More

Hung or hung out to dry? What fewer than 76 seats could mean for Australian business

How would a minority government address the key issues for business? Ask Corrs CEO John Denton and Partner Andrew Lumsden.

More

So what does Brexit really mean for Australia?

One thing seems certain following Brexit: economic uncertainty. But how long will it last and how will Australia be affected? Corrs’ CEO John Denton, Senior Adviser, International Business Engagement Peter Grey and Special Counsel James Shirbin consi

More

Impairment of Customer Loans

Our synopsis of the findings of the recent Parliamentary Joint Committee on Corporations and Financial Services inquiry into the impairment of customer loans. The recommendations of the Committee signal further reform for financial services.

More Download

Blockchain: A Revolution or an Evolution?

Blockchain began with the promise of a revolution in financial services. However, the impacts are looking more evolutionary as financial institutions work together to realise the values and savings this technology can potentially bring.

More

Proposed new super pension rules – necessary reforms for Australia’s future

Promising changes to retirement income streams will simplify a needlessly complex area of law.

More

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

Preparing for takeoff - New developments towards an Asia Region Funds Passport

Development of an Asia Region Funds Passport has progressed to the next stage of implementation, with a wide-ranging consultation paper released on 16 April 2014 for public comment.

More Download

APRA’s final harmonised and enhanced risk management requirements

On 31 January 2014, APRA released a package to harmonise and enhance risk management practices and requirements across the industry including authorised deposit-taking institutions and general and life insurers.

More

Exposure draft Future of Financial Advice legislation released - But questions remain

The Government has released draft legislation to unwind parts of the Future of Financial Advice regime but issues remain regarding the way in which the reforms will be introduced.

More

Coalition Government to unwind parts of the Future of Financial Advice Regime

The much anticipated proposals to unwind parts of the Future of Financial Advice (FoFA) legislative regime have been announced by the Coalition Government.

More

Statutory review of operation of Anti-Money Laundering laws announced

On 4 December 2013, the Federal Minister for Justice, Michael Keenan, announced a review of the AML/CTF regime.

More

ASIC updates disclosure guidance for shorter Product Disclosure Statements

On 27 November, ASIC released updated ASIC Information Sheet 155 Shorter PDSs: Complying with requirements for superannuation products and simple managed investment schemes.

More

A new Government sets a new agenda for superannuation - The Super System Review’s unfinished business

The Federal Government has today released a discussion paper entitled Better regulation and governance, enhanced transparency and improved competition in superannuation.

More

The Financial System Inquiry is coming

David Murray, former CEO of the Commonwealth Bank and Future Fund Chairman, will head the Financial System Inquiry as committed to by the new Government.

More

APRA’s draft reporting standards for conglomerate groups

New capital adequacy standards for conglomerate groups have been proposed by the APRA as part of draft reporting requirements which are proposed to commence from 1 July 2015.

More

ASIC consults on the quality of advice for SMSFS

On 16 September 2013, ASIC released Consultation Paper 216 Advice on self-managed superannuation funds: Specific disclosure requirements and SMSF costs.

More

Securities regulators cooperate to allow alternative investments to flourish in Australia and Europe

The Australian Securities and Investments Commission has entered into 29 supervisory cooperation agreements with European Union securities regulators.

More

ASIC updates guidance on constitutions of registered managed investment schemes

On 5 June 2013, the Australian Securities and Investment Commission released an updated version of Regulatory Guide 134: Managed investments: Constitutions.

More

As 1 July approaches, the FOFA amendments continue

As foreshadowed in December 2012, the Government has released draft legislation to extend the unfair contract terms regime to general insurance contracts.

More

Restricting the use of “financial planner” and “financial adviser” and intra-fund super account consolidation

On 20 March 2013, key pieces of legislation amending financial services law were introduced into Parliament.

More

ASIC finalises FoFA guidance and treasury proposes changes to grandfathering of conflicted remuneration

ASIC has released the long awaited Regulatory Guide 246 that finalises ASIC’s position on conflicted remuneration and other banned remuneration.

More

ASIC releases guidance on fee disclosure for FoFA reforms

ASIC has released Regulatory Guidance that outlines new disclosure requirements for Australian financial services licensees.

More

Phase 2 of National Credit Reforms

Draft legislation for Phase two of national credit reforms has been released by Treasury for public consultation.

More Download

APRA’s supervision of conglomerate financial services groups

On 14 December 2012 the Australian Prudential Regulation Authority released for consultation proposed requirements for the supervision of conglomerate groups operating in the financial services industry.

More

Release of FOFA Regulations for industry consultation

On 23 May 2012, the Government released for consultation the highly anticipated draft FOFA regulations in two separate packages, and is inviting comments on the proposed regulations by 5 June 2012.

More Download

Our Thinking

Must try harder: ASIC’s Half Term Report Card

ASIC’s report on enforcement outcomes for the first part of 2016 reveals a rise in criminal charges and infringement notices.

Banks breathe easy for now

It’s being hailed as a win for the banks. But could this week’s High Court decision in favour of ANZ be a pyrrhic victory?

Court Of Appeal Clarifies Restrictions in Responsible Entity Voting

We take a look at the decision in AMP Life Ltd v AMP Capital Funds Management Ltd & Anor [2016] NSWCA 176. The decision clarifies the voting restrictions placed on responsible entities and their associates.

The New Insider Trading Trend: Harsher Penalties and Greater Risks for Businesses – Part Two

By pursuing recent high profile cases against Richard Kamay, Steven Xiao and Oliver Curtis, ASIC has shown that it will prosecute those who have engaged or been involved in insider trading. What does this mean for you and your business?

The New Insider Trading Trend: Harsher Penalties and Greater Risks for Businesses – Part One

By pursuing recent high profile cases against Richard Kamay, Steven Xiao and Oliver Curtis, ASIC has shown that it will prosecute those who have engaged or been involved in insider trading.

Hung or hung out to dry? What fewer than 76 seats could mean for Australian business

How would a minority government address the key issues for business? Ask Corrs CEO John Denton and Partner Andrew Lumsden.

So what does Brexit really mean for Australia?

One thing seems certain following Brexit: economic uncertainty. But how long will it last and how will Australia be affected? Corrs’ CEO John Denton, Senior Adviser, International Business Engagement Peter Grey and Special Counsel James Shirbin consi

Impairment of Customer Loans

Our synopsis of the findings of the recent Parliamentary Joint Committee on Corporations and Financial Services inquiry into the impairment of customer loans. The recommendations of the Committee signal further reform for financial services.

Blockchain: A Revolution or an Evolution?

Blockchain began with the promise of a revolution in financial services. However, the impacts are looking more evolutionary as financial institutions work together to realise the values and savings this technology can potentially bring.

Proposed new super pension rules – necessary reforms for Australia’s future

Promising changes to retirement income streams will simplify a needlessly complex area of law.

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.

Preparing for takeoff - New developments towards an Asia Region Funds Passport

Development of an Asia Region Funds Passport has progressed to the next stage of implementation, with a wide-ranging consultation paper released on 16 April 2014 for public comment.

APRA’s final harmonised and enhanced risk management requirements

On 31 January 2014, APRA released a package to harmonise and enhance risk management practices and requirements across the industry including authorised deposit-taking institutions and general and life insurers.

Exposure draft Future of Financial Advice legislation released - But questions remain

The Government has released draft legislation to unwind parts of the Future of Financial Advice regime but issues remain regarding the way in which the reforms will be introduced.

Coalition Government to unwind parts of the Future of Financial Advice Regime

The much anticipated proposals to unwind parts of the Future of Financial Advice (FoFA) legislative regime have been announced by the Coalition Government.

Statutory review of operation of Anti-Money Laundering laws announced

On 4 December 2013, the Federal Minister for Justice, Michael Keenan, announced a review of the AML/CTF regime.

ASIC updates disclosure guidance for shorter Product Disclosure Statements

On 27 November, ASIC released updated ASIC Information Sheet 155 Shorter PDSs: Complying with requirements for superannuation products and simple managed investment schemes.

A new Government sets a new agenda for superannuation - The Super System Review’s unfinished business

The Federal Government has today released a discussion paper entitled Better regulation and governance, enhanced transparency and improved competition in superannuation.

The Financial System Inquiry is coming

David Murray, former CEO of the Commonwealth Bank and Future Fund Chairman, will head the Financial System Inquiry as committed to by the new Government.

APRA’s draft reporting standards for conglomerate groups

New capital adequacy standards for conglomerate groups have been proposed by the APRA as part of draft reporting requirements which are proposed to commence from 1 July 2015.

ASIC consults on the quality of advice for SMSFS

On 16 September 2013, ASIC released Consultation Paper 216 Advice on self-managed superannuation funds: Specific disclosure requirements and SMSF costs.

Securities regulators cooperate to allow alternative investments to flourish in Australia and Europe

The Australian Securities and Investments Commission has entered into 29 supervisory cooperation agreements with European Union securities regulators.

ASIC updates guidance on constitutions of registered managed investment schemes

On 5 June 2013, the Australian Securities and Investment Commission released an updated version of Regulatory Guide 134: Managed investments: Constitutions.

As 1 July approaches, the FOFA amendments continue

As foreshadowed in December 2012, the Government has released draft legislation to extend the unfair contract terms regime to general insurance contracts.

Restricting the use of “financial planner” and “financial adviser” and intra-fund super account consolidation

On 20 March 2013, key pieces of legislation amending financial services law were introduced into Parliament.

ASIC finalises FoFA guidance and treasury proposes changes to grandfathering of conflicted remuneration

ASIC has released the long awaited Regulatory Guide 246 that finalises ASIC’s position on conflicted remuneration and other banned remuneration.

ASIC releases guidance on fee disclosure for FoFA reforms

ASIC has released Regulatory Guidance that outlines new disclosure requirements for Australian financial services licensees.

Phase 2 of National Credit Reforms

Draft legislation for Phase two of national credit reforms has been released by Treasury for public consultation.

APRA’s supervision of conglomerate financial services groups

On 14 December 2012 the Australian Prudential Regulation Authority released for consultation proposed requirements for the supervision of conglomerate groups operating in the financial services industry.

Release of FOFA Regulations for industry consultation

On 23 May 2012, the Government released for consultation the highly anticipated draft FOFA regulations in two separate packages, and is inviting comments on the proposed regulations by 5 June 2012.

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