Retail Banking & Payments

Financial Services

Financial Services » Retail Banking & Payments

The banking industry went through an unprecedented intensity of reform, Corrs guided some of Australia’s largest institutions through implementation.

Delivering new products to market, while managing compliance and reputation risk, remains a key priority. Corrs has been instrumental launching highly regulated and innovative products, including through strategic distribution alliances.

In a highly regulated financial services market, new entrants need an efficient means of commencing operations with an eye to the future. Corrs has ensured rapid and successful entry to Australian markets for both bank and non-bank institutions.

As global and domestic payment systems become increasingly integrated, breadth of payments experience emerges as critical. Corrs advises the full spectrum of participants including issuers/acquirers, schemes, transaction processors, sponsoring retailers, global remittance networks and ATM networks.

Our Experts

ANDERSON Peter website grey fake SIZED TH

Peter Anderson

Special Counsel Location Brisbane Profile

Our Experience

New product launch: Woolworths Financial Services Group

Woolworths Financial Services Group (FSG) recently launched a range of market leading and highly innovative financial products, utilising a series of strategic alliances with financial institutions.

These included Woolworths Everymoney Reloadable prepaid MasterCard (ANZ) and Woolworths Everyday Rewards Qantas MasterCard (HSBC/Qantas).

Bringing a depth of experience in launching new financial services products to market, Corrs has worked with Woolworths FSG as its principal legal adviser.

This involved negotiating and advising on the strategic alliances, but also advising on its full suite of products, applicable regulation as well as unique distribution arrangements.

Woolworths FSG is now in a commanding position to run its own financial services business.

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Product Documentation

As products evolve, the management of product documentation becomes more complex. We have assisted a range of bank clients in overhauling product documents which have not met their plain English needs or which have otherwise required modification for regulatory purposes. Recent examples include:

• Re-documenting Westpac’s suite of equipment finance contracts and import finance documents;

• Updating Bankwest’s suite of contract documents, notices and customer correspondence for the NCCP Act;

• Reviewing and advising of ANZ’s Transactional Banking Documents for corporate and institutional clients;

• Advising GE Capital on the product terms for recently launched GEM Visa credit card.

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Regulatory reforms: helping clients prepare for the implementation of the National Consumer Credit Protection Act (NCCPA)

The NCCP Act has been the most significant of recent reforms to the consumer finance sector and has required most providers of consumer finance to obtain Australian Credit Licenses and assume a range of new conduct and disclosure obligations.

Corrs has worked with many leading household financial services brands, including BankWest, GE Capital, Perpetual, Members Equity Bank and Heritage Building Society, to help them prepare for the implementation.

In addition to advising on all aspects of the NCCP Act and conducting reviews of product documentation, we have provided extensive compliance tools and in-house training programs. We have also successfully obtained relief from a range of obligations under the regime.

More

Our Thinking

The future of financial advice (FOFA) reforms

The Future of Financial Advice (FOFA) reforms focus on the framework for the proper provision of financial advice.

More Download

Our Experience

New product launch: Woolworths Financial Services Group

Woolworths Financial Services Group (FSG) recently launched a range of market leading and highly innovative financial products, utilising a series of strategic alliances with financial institutions.

These included Woolworths Everymoney Reloadable prepaid MasterCard (ANZ) and Woolworths Everyday Rewards Qantas MasterCard (HSBC/Qantas).

Bringing a depth of experience in launching new financial services products to market, Corrs has worked with Woolworths FSG as its principal legal adviser.

This involved negotiating and advising on the strategic alliances, but also advising on its full suite of products, applicable regulation as well as unique distribution arrangements.

Woolworths FSG is now in a commanding position to run its own financial services business.

Product Documentation

As products evolve, the management of product documentation becomes more complex. We have assisted a range of bank clients in overhauling product documents which have not met their plain English needs or which have otherwise required modification for regulatory purposes. Recent examples include:

• Re-documenting Westpac’s suite of equipment finance contracts and import finance documents;

• Updating Bankwest’s suite of contract documents, notices and customer correspondence for the NCCP Act;

• Reviewing and advising of ANZ’s Transactional Banking Documents for corporate and institutional clients;

• Advising GE Capital on the product terms for recently launched GEM Visa credit card.

Regulatory reforms: helping clients prepare for the implementation of the National Consumer Credit Protection Act (NCCPA)

The NCCP Act has been the most significant of recent reforms to the consumer finance sector and has required most providers of consumer finance to obtain Australian Credit Licenses and assume a range of new conduct and disclosure obligations.

Corrs has worked with many leading household financial services brands, including BankWest, GE Capital, Perpetual, Members Equity Bank and Heritage Building Society, to help them prepare for the implementation.

In addition to advising on all aspects of the NCCP Act and conducting reviews of product documentation, we have provided extensive compliance tools and in-house training programs. We have also successfully obtained relief from a range of obligations under the regime.

Our Thinking

The future of financial advice (FOFA) reforms

The Future of Financial Advice (FOFA) reforms focus on the framework for the proper provision of financial advice.

Our Experts

ANDERSON Peter website grey fake SIZED TH

Peter Anderson

Special Counsel Brisbane +61 7 3228 9450