Credit Law Conference: Managing Financial Services Risks in an Age of Uncertainty
Engage with expert presenters/peers in what could be the most important conversation for credit and lending professionals this year. Extreme weather events are top of mind: hear directly from the RBA and insurance experts on climate risks in the financial system. The new Minister will share what to expect from the Albanese Government. Address major pain points/hot topics including Unfair Contract terms, Banking Code/Privacy Act reviews, engaging with AFCA, latest cases, a new payments ecosystem. 228N07
Description
Attend and earn 7 CPD units in Substantive Law
This program is applicable to practitioners from all States & Territories
This program is endorsed by the FBAA
Chair: Andrea Beatty, Partner, Piper Alderman
9.00am to 9.05am Opening Comments by the Chair
9.05am to 9.35am Opening Keynote: Climate Change Risk in the Financial System
Presented by Dr Jonathan Kearns, Head of Domestic Markets, Reserve Bank of Australia
WHAT CHANGES THE ELECTION BRINGS TO CREDIT AND FINANCIAL SERVICES
9.35am to 10.30am The Federal Election Is Over: What Does the Policy Agenda for Financial Services Look Like?
Panel Members:
Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services
Karen Cox, CEO, Financial Rights Legal Centre
Diane Tate, CEO, Australian Finance Industry Association
Peter J White AM, Managing Director, Finance Brokers Association of Australia
Facilitator Steven Klimt, Partner, Clayton Utz
10.30am to 11.00am Insurance: Emerging Risks Impacting Credit (risk) and Security
Gain a practical look at emerging insurance risk impacting credit and security, focusing on:
- Climate
- Cyber
- Pandemic
- AML/CTF
Presented by Andrew Gray, Partner, HWL Ebsworth and Rhiannon Eagles, Head of Litigation Pacific, Aon
11.00am to 11.15am Morning Tea Break
CONSUMER PROTECTION IN FINANCIAL SERVICES
11.15am to 12.00pm Unfair Contract Terms: Risks and Complexities
- Impact of the civil penalty regime
- Use of model clauses: does the jurisprudence assist
- Tips and traps in drafting clauses
- What is a legitimate commercial interest
- ASIC activity in relation to non-bank lenders
Presented by Steven Klimt, Partner, Clayton Utz
12.00pm to 12.50pm Triennial Banking Code of Practice Review
- The Roadmap and next steps
- Outline of the process
- Stakeholder ecosystem
- Key recommendations and opportunities from the Review:
- Opportunities to strengthen consumer protection
- Small business
- Vulnerable consumers
- Aboriginal & Torres Strait Islander customers
- Financial assistance, financial difficulty, financial hardship
- Comprehensive credit reporting
- Role of IDR and EDR
- Opportunities to simplify for consumers
- Continued focus on a clear, concise and accessible Code
- Reinforce the Code objectives, enforceability of commitments and consumer rights in complaints handling
- Remove unnecessary duplication and complexity
- Emerging themes
- Small business
- Vulnerable consumers
- Aboriginal & Torres Strait Islander customers
- Financial assistance, financial difficulty, financial hardship
- Comprehensive credit reporting
- Role of IDR and EDR
- Opportunities to simplify for consumers
- Continued focus on a clear, concise and accessible Code
- Reinforce the Code objectives, enforceability of commitments and consumer rights in complaints handling
- Remove unnecessary duplication and complexity
- Emerging themes
Presented by Steve Blinkhorn, Policy Director, Australian Banking Association and Ian Lockhart, Partner, MinterEllison
12.50pm to 1.45pm Lunch Break
1.45pm to 2.15pm AFCA RG271 Internal Dispute Resolution Update
- AFCA’s role
- AFCA’s alignment with ASIC RG 271 - Internal Dispute Resolution (IDR)
- Complaint trends and volumes
- Best practice IDR: What can financial firms do to prevent matters escalating to AFCA
- Identification and management of systemic issues
- Treasury’s Independent Review of AFCA & AFCA’s response
Presented by Diana Ennis, Executive General Manager – Operations AFCA
2.15pm to 3.15pm Cases Update
- Unconscionability: Stubbings v Jams No 2 [2022] HCA 6; (2022) 96 ALJR 271
- Engagement with AFCA in the external dispute resolution process: Notesco Pty Ltd v AFCA [2022] NSWSC 285 and DH Flinders Pty Limited v AFCA [2020] NSWSC 1690
- ASIC predatory lending/consumer protection proceedings
- Other new developments
Presented by Ian Davidson SC, 8 Eight Selborne
3.15pm to 3.35pm Afternoon Tea Break
3.35pm to 4.05pm Privacy Act Review, Practical Guidance on How to Align with the GDPR Requirements
The review of the Privacy Act was announced as part of the government's response to the Australian Competition and Consumer Commission's Digital Platforms Inquiry and promises to deliver a set of reforms “to ensure privacy settings empower consumers, protect their data and best serve the Australian economy”. The terms of reference anticipates ambitious and far-reaching reforms, including changing the definition of personal information, introducing new regulatory powers and means of enforcement, and new remedies and causes of actions.
Many of the issues under consideration have been drawn from the lessons provided by the now four year old, General Data Protection Regulation (GDPR), still a high water mark and a bench mark for many new and updated privacy regimes.
Explore the issues pertinent to credit providers such as:
- The definition of personal information and data and impact on analytics and related data processes
- Consent and when is valid and appropriate
- The extraterritorial scope of the GDPR and impact on provision of credit and related services
- Cross border requirements and recent decisions of the European Court of Justice and enforcement activities undertaken by some of the data protection authorities in the EU
Presented by Olga Ganopolsky, General Counsel – Privacy and Data, Macquarie Group Limited
4.05pm to 4.35pm Recent Compliance Alert!: ASIC imposes first DDO interim stop orders
- Defective TMDs
- Non-issuance of TMDs, TMD’s not publicly available
- Interaction between product issuers and distributors
- How product issuers monitor and review consumer outcomes
Presented by Ian Lockhart, Partner, MinterEllison
4.35pm to 5.15pm A New Payments Ecosystem: A Greater Role for Regulators and Government?
- Update on Review of the Australian Payments System – post the Federal Election
- Digital wallets: de-centralised v centralised
- CBDC: is this the emerging new payments system?
- Expansion of the Consumer Data Right: emerging intermediaries
- Cryptocurrencies: Crypto Asset Secondary Service Providers (CASSPrs) - whereto from here?
- BNPL regulation: to be or not to be
- De-banking
- An international v a local approach
Presented by Joshua Annese, Partner Piper Alderman, Michael Bacina, Partner, Piper Alderman and Nikesh Lalchandani, Chartered Banker, Innovations Accelerated
Venue
Cliftons - Spring Street
Level 3, 10 Spring Street
Sydney 2000
NSW
Australia
Parking Information
Parking not included in you registration. Here are some options below.
Secure Park 20 Bond Street - click here for rates
Wilson Park 1 O'Connell Street - click here for rates
Wilson Park 31 Bond Street - click here for rates
Directions
Nearby Public Transport:
Train Stations - Wynyard 400m OR Martin Place 500m
Bus Interchange - Clarence Street 450m
Ferry - Circular Quay 1.2km