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Examining defective systems through the lens of the law relating to misleading and deceptive conduct

This article was originally published in the October 2021 edition of the LexisNexis Australian Banking and Finance Law Bulletin.

A number of the case studies examined by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry involved instances where a financial institution failed to deliver what it had sold to customers due to deficiencies in its systems or processes.

The Royal Commission highlighted that when financial products or services are not delivered in accordance with contractual promises, there may be occasions where such failures should “be examined through the lens of the law relating to misleading and deceptive conduct”.

In this article, Brendon Clarke discusses how defective systems can give rise to a claim for misleading or deceptive conduct and what financial institutions can do to mitigate the risk of such a claim.

You can access a copy of the article here or click the ‘DOWNLOAD PDF’ button.


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Board Advisory Investigations Litigation and Dispute Resolution

This publication is introductory in nature. Its content is current at the date of publication. It does not constitute legal advice and should not be relied upon as such. You should always obtain legal advice based on your specific circumstances before taking any action relating to matters covered by this publication. Some information may have been obtained from external sources, and we cannot guarantee the accuracy or currency of any such information.

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