11 February 2005
Welcome to the first edition of Clayton Utz Banking & Financial Services Insights for 2005.
We'll see how a new guide on rebates could improve transparent decision-making in the wealth management industry, and how the Marsh case in the US affects Australian insurance brokers.
We'll also look at two issues for lenders: the importance of standard provisions in guarantee documents, and the substantial increase in the Consumer Credit Code hardship threshold.
Finally, we'll meet our new Partner, Dan Fitts.
By Ray Giblett and Peter Mann.
Raymond Giblett and Peter Mann warn Australian insurance brokers that as a result of a US lawsuit they are subject to increased scrutiny by ASIC regarding commissions paid.
By Paul Gatward, Leah Chick and Chelsea Piper.
A recent decision of the NSW Court of Appeal is a timely reminder to lenders of the importance of standard (or boilerplate) provisions in guarantee documents. Leah Chick, Paul Gatward and Chelsea Piper look at its implications.
Clayton Utz consultant Nancy Milne takes up a new international role.
By Ninian Lewis and Gautham Srinivas.
Ninian Lewis and Gautham Srinivas discuss a new ASIC Class Order which contains no relief for managers of securitisation vehicles, so securitisation managers relying upon Class Order [CO 03/1098] will need to obtain an Australian Financial Services Licence by 1 July 2005.
By Randal Dennings and Graeme Howatson.
Randal Dennings and Graeme Howatson explain how the Consumer Credit Code hardship threshold has been substantially increased in all States and Territories except Tasmania, and is now a floating figure which can change from month to month.
By John Moutsopoulos and Anastassia Tchernova.
A newly released Guide on Rebates and Related Payments is aimed at ensuring transparent decision-making for participants (especially consumers) in the wealth management industry, say John Moutsopoulos and Anastassia Tchernova.
Dan was recently made a Partner in the Project and Debt Finance group.
