Image from Coce

Financial services law and compliance in Australia / Gail Pearson.

By: Material type: TextTextPublisher: Port Melbourne, Vic. ; New York : Cambridge University Press, [2009]Copyright date: ©2009Description: iv, 572 pages ; 23 cmContent type:
  • text
Media type:
  • unmediated
Carrier type:
  • volume
ISBN:
  • 0521617847
  • 9780521617840
Subject(s): DDC classification:
  • 346.94082 22
LOC classification:
  • KU885 .P43 2009
Contents:
1. The financial citizen and the market -- 2. The regulatory structure -- 3. An overview of financial services reform -- 4. Licensing financial services providers -- 5. The role of disclosure in the distribution of financial products -- 6. Selling financial products and other conduct -- 7. Deposit-taking and payments -- 8. Investment -- 9. Insurance -- 10. Consumer credit -- 11. Superannuation -- 12. Compliance, enforcement and remedies -- --
1. The financial citizen and the market -- 1.1. Risk and responsibility -- 1.2. Regulating for the financial citizen -- 1.3. The regulatory system -- 1.4. Compliance and literacy -- -- 2. The regulatory structure -- 2.1. The philosophy and approach to regulation -- 2.2. A history of financial services regulation in Australia -- 2.3. Regulatory bodies -- 2.3.1. The Reserve Bank of Australia -- 2.3.1.1. RBA and payments systems -- 2.3.2. Australian Prudential Regulatory Authority -- 2.3.2.1. APRA's objectives -- 2.3.2.2. APRA's structure -- 2.3.2.3. The impact of the HIH collapse on APRA -- 2.3.2.4. APRA's approach to regulation -- 2.3.2.5. An independent and accountable APRA? -- 2.3.2.6. APRA, authorised deposit-taking institutions, insurance -- 2.3.3. Australian Securities and Investments Commission -- 2.3.3.1. ASIC's role in consumer protection -- 2.3.3.2. ASIC's risk-based compliance approach -- 2.3.3.3. The role of ASIC in approving codes -- 2.3.3.4. The powers of ASIC -- 2.3.4. Australian Competition and Consumer Commission -- 2.4. Coordination of regulators -- 2.4.1. APRA and ASIC -- 2.4.2. APRA and RBA relations -- 2.4.3. ASIC and ACCC relations -- 2.5. Financing regulation -- 2.6. State fair trading agencies -- 2.7. Self-regulatory and industry bodies -- 2.7.1. Insurance Council of Australia -- 2.7.2. Australian Bankers' Association -- 2.7.3. Association of Superannuation Funds in Australia -- 2.7.4. Financial Planning Association of Australia -- 2.7.5. Investment and Financial Services Association -- 2.7.6. Mortgage and Finance Association of Australia -- 2.7.7. National Insurance Brokers Association of Australia -- 2.7.8. ABACUS Australian Mutuals -- 2.8. Dispute resolution bodies -- -- 3. An overview of financial services reform -- 3.1. New concepts for regulatory neutrality -- 3.2. Retail clients and wholesale clients -- 3.3. Providing a financial service -- 3.4. What is a financial product? -- 3.4.1. Facility -- 3.4.2. Makes a financial investment -- 3.4.3. Manages financial risk -- 3.4.4. Makes non-cash payments -- 3.4.5. An incidental financial product -- 3.4.6. Specific things that are financial products -- 3.4.7. Things that are not financial products -- 3.4.8. Bills of exchange and promissory notes -- 3.5. The definition of a financial service in the ASIC Act -- 3.6. Issued and issuer -- 3.7. Markets and clearing and settlement facilities -- 3.8. What is a financial market? -- 3.9. Representatives and authorised representatives --
4. Licensing financial services providers -- 4.1. The purpose of licensing -- 4.2. Reform of Australian licensing -- 4.3. Types of licences -- 4.3.1. Financial market licences -- 4.3.2. Clearing and settlement licences -- 4.3.3. Australian Financial Services Licence -- 4.3.3.1. Exemptions from holding an AFSL -- 4.3.3.2. Lawyers, accountants, tax advisers and the AFSL -- 4.3.3.3. Obtaining an AFSL -- 4.3.3.4. The obligations of the AFSL licensee -- 4.3.3.5. The licensee's responsibility for representatives -- 4.3.3.5.1. Banning orders -- 4.4. The content of the AFSL obligations -- 4.4.1. Do those things necessary to provide financial services efficiently, -- 4.4.2. Comply with the conditions of the licence -- 4.4.3. Comply with financial services laws; take reasonable steps to ensure -- 4.4.4. If not licensed by APRA, have adequate resources to provide the -- 4.4.5. Representatives must be adequately trained and competent -- 4.4.6. A dispute resolution system if financial services are provided to retail -- 4.4.7. Adequate risk management systems - unless regulated by -- 4.4.8. Compliance -- 4.5. Regulation by APRA -- 4.5.1. Authorised Deposit-taking Institutions -- 4.5.2. Insurance -- 4.5.3. Superannuation -- 4.5.4. Fit and proper -- 4.6. Liability issues in licensing -- -- 5. The role of disclosure in the distribution of financial products -- 5.1. Financial services disclosure overview -- 5.2. Financial services guide -- 5.3. Statement of advice -- 5.3.1. General advice and personal advice -- 5.3.2. When an SOA is not required -- 5.3.3. The content of the SOA -- 5.4. Product disclosure statement -- 5.4.1. Short form PDS -- 5.4.2. When must the PDS be given? -- 5.4.3. Exceptions from the PDS requirement -- 5.4.3.1. PDS already received -- 5.4.3.2. Products of the same kind already held -- 5.4.3.3. Products already held -- 5.4.3.4. No consideration for managed investment products and -- 5.4.3.5. Unregistered managed investment schemes -- 5.4.3.6. Managed investment schemes and related clients -- 5.4.3.7. Small-scale offerings of managed investment -- 5.4.3.8. Secondary sales of quoted securities -- 5.4.3.9. Takeovers -- 5.4.3.10. Interim insurance -- 5.4.3.11. Not reasonable for a retail client to expect -- 5.5. Timing rules -- 5.6. Who must prepare and give the PDS, and to whom? -- 5.6.1. Additional, requested and periodic disclosure -- 5.6.2. The content of the PDS -- 5.6.3. Benefits and risks -- 5.6.4. Costs and commissions -- 5.6.5. Dollar disclosure -- 5.6.6. Soft benefits and preferential remuneration -- 5.6.7. Other significant features; taxation implications -- 5.6.8. Investment considerations -- 5.6.9. Dispute resolution and cooling-off periods -- 5.6.10. Other information -- 5.6.11. Continuously quoted securities, traded products and enhanced -- 5.6.12. Updating the PDS -- 5.6.13. The content of the short form PDS -- 5.6.14. The content of the periodic statement -- 5.7. Failed and defective disclosure -- 5.7.1. FSG and SOA-related offences and civil liability -- 5.7.2. PDS-related offences and civil liability -- -- 6. Selling financial products and other conduct -- 6.1. Information, advice and selling -- 6.1.1. Guarding against the confusion of sales and -- 6.1.2. Intermediaries and advice -- 6.1.3. AMP financial planners -- 6.1.4. Fiduciary obligations -- 6.2. Advertising -- 6.3. Unsolicited selling -- 6.3.1. Hawking -- 6.4. Unsolicited buying -- 6.5. Cooling-off -- 6.6. Promotion and sales conduct -- 6.7. Misleading and deceptive conduct -- 6.7.1. FSR disclosure documents and misleading conduct -- 6.7.2. Proving that the conduct is misleading or deceptive or likely to -- 6.7.3. Context and meaning -- 6.7.4. Silence -- 6.7.5. The Westpoint Information Memorandum -- 6.7.6. Risk and the future -- 6.7.7. Disclaimers and qualifications -- 6.8. Other prohibited representations and conduct -- 6.8.1. Corporations Act provisions -- 6.8.2. False representations -- 6.8.3. The Cash King case -- 6.8.4. Further ASIC Act provisions -- 6.9. Implied terms in financial service contracts -- 6.10. Unconscionable conduct -- 6.10.1. General unconscionability -- 6.10.2. Domestic unconscionability -- 6.10.3. Small business unconscionability -- 6.11. Accessorial liability -- 6.12. Enforcement and remedies -- 6.12.1. Damages -- 6.12.2. Proportionate liability -- 6.12.3. Additional forms of enforcement and relief -- 6.13. General -- -- 7. Deposit-taking and payments -- 7.1. Introduction -- 7.2. The ADI -- 7.3. Banking business -- 7.4. Using the terms 'bank' and 'ADI' -- 7.5. APRA authorisation and prudential regulation -- 7.6. Licensing ADIs -- 7.7. Liability issues for APRA in its supervisory role -- 7.8. The legal nature of the deposit -- 7.9. Protecting deposits -- 7.10. Protecting payments -- 7.10.1. Co-regulation of payments -- 7.11. Non-cash payment facilities -- 7.12. Disclosure -- 7.13. Conduct connected with financial services and products other than -- 7.14. Banker and customer duties -- 7.15. The contract between the ADI and the retail client -- 7.16. Modification of the contract by the EFT Code and the Code of -- 7.17. The EFT Code -- 7.18. The Code of Banking Practice -- 7.19. Building society and credit union codes of conduct -- 7.20. The Financial Ombudsman Service -- -- 8. Investment -- 8.1. From consumer to investor -- 8.2. With whom do people invest? The Western Australian finance -- 8.3. Online investing -- 8.4. In what do people invest? -- 8.5. Regulatory history -- 8.6. Securities -- 8.7. Managed investment schemes -- 8.7.1. Definition -- 8.7.2. The Westpoint Saga and Emu Brewery Litigation -- 8.7.3. Registration -- 8.7.4. Licensing and changing the responsible entity -- 8.7.5. The statutory responsibilities and powers of the responsible -- 8.7.6. Other duties of the responsible entity -- 8.7.6.1. Proscriptive fiduciary obligations -- 8.7.6.2. Prescriptive duties of a trustee -- 8.7.6.3. Equitable duty of care -- 8.7.6.4. Duties governing the exercise of discretion -- 8.7.7. The interaction of statutory and equitable duties of the responsible -- 8.7.8. Duties of officers and employees of the responsible entity -- 8.7.9. Custodians -- 8.7.10. The constitution -- 8.7.11. The compliance plan -- 8.7.12. The compliance committee -- 8.7.13. Members' withdrawal from the scheme -- 8.7.14. Related party transactions -- 8.7.15. Contravention of Corporations Act, Chapter 5C -- 8.7.16. Winding up a registered scheme -- 8.7.17. Deregistration -- 8.8. Financial literacy -- 8.9. Financial Ombudsman Service --
9. Insurance -- 9.1. What is insurance and what does it do? -- 9.2. Regulatory history -- 9.2.1. Marine insurance -- 9.2.2. General and life insurance -- 9.2.3. The insurance crisis -- 9.3. The current regulatory structure -- 9.3.1. The business of insurance -- 9.3.2. The contract of insurance -- 9.3.3. Insurance as a financial product -- 9.4. Authorisation and prudential regulation -- 9.4.1. Authorisation -- 9.4.2. Prudential regulation -- 9.4.3. The collapse of HIH -- 9.5. FSR licensing -- 9.5.1. Providing financial product advice -- 9.5.2. Dealing in a financial product -- 9.5.3. Exemptions from holding an AFSL: Representatives -- 9.6. Advising on and selling insurance -- 9.6.1. Insurance agents -- 9.6.2. Insurance brokers -- 9.7. Dealing with clients' money -- 9.8. The doctrine of utmost good faith -- 9.9. Disclosure -- 9.9.1. FSR disclosure -- 9.9.2. Insurance Contracts Act disclosure -- 9.9.2.1. Disclosure by the insured -- 9.9.2.2. Disclosure by the insurer -- 9.10. Claims -- 9.11. General Insurance Code of Practice -- 9.12. External dispute resolution schemes -- -- 10. Consumer credit -- 10.1. Financial citizen or debtor? -- 10.2. Uniform consumer credit regulatory framework -- 10.2.1. Background -- 10.2.2. The Uniform Consumer Credit Code system -- 10.2.3. Changing the regulation of consumer credit -- 10.3. What is 'consumer credit'? -- 10.3.1. The legal concept -- 10.3.2. The purpose test -- 10.3.3. Other exclusions -- 10.3.4. Other applications of the Credit Code -- 10.4. Selling consumer credit -- 10.4.1. Mortgage brokers -- 10.4.2. Reverse mortgages and brokers -- 10.5. Disclosure -- 10.5.1. Pre-contractual disclosure -- 10.5.2. Comparison rates -- 10.5.3. Assessing disclosure -- 10.6. Gaining compliance through the civil penalty -- 10.7. Enforcing the credit contract -- 10.8. Hardship and unjust costs and transactions -- 10.8.1. Hardship -- 10.8.2. Unjust and unconscionable contracts -- 10.8.2.1. The general approach -- 10.8.2.2. Reviewing interest rates -- 10.8.2.3. Credit card debt -- 10.8.2.4. Ability to pay -- 10.8.2.5. Asset lending -- 10.8.2.6. Guarantors -- 10.8.2.7. Competitors -- 10.8.2.8. Consequences of reopening an unjust contract or -- 10.8.3. Unfair terms -- 10.8.4. Alternative dispute resolution -- -- 11. Superannuation -- 11.1. From employee to investor -- 11.2. The evolution of superannuation policy -- 11.3. The scope of the superannuation industry -- 11.4. Regulatory framework -- 11.5. What is superannuation? -- 11.5.1. Taxation arrangements -- 11.5.2. The statutory definition of superannuation -- 11.5.2.1. A superannuation fund -- 11.5.2.2. A regulated superannuation fund -- 11.5.2.3. A complying superannuation fund -- 11.6. Superannuation as a trust -- 11.6.1. The purpose of the fund: The sole purpose test -- 11.6.2. Trustees and statutory restatement of general law of -- 11.7. Licensing -- 11.7.1. The AFSL licence -- 11.7.2. The APRA licence -- 11.7.3. Licence requirements -- 11.8. Self-managed superannuation funds -- 11.9. Choice of fund -- 11.10. Disputes and dispute resolution -- 11.10.1. Superannuation Complaints Tribunal -- 11.10.1.1. Remedies -- 11.10.1.2. Constitution and governance -- 11.10.1.3. Complaint statistics -- -- 12. Compliance, enforcement and remedies -- 12.1. Compliance -- 12.2. Enforcement -- 12.2.1. Criminal sanctions -- 12.2.2. Civil penalties -- 12.2.3. Banning orders and disqualification orders -- 12.2.4. Stop orders -- 12.2.5. Enforceable undertakings -- 12.2.6. Cancellation or suspension of licences -- 12.2.7. Specific powers of the court -- 12.3. Enforcement table -- 12.4. Compensation and other relief -- 12.4.1. Compensation arrangements for financial services -- 12.4.2. Compensation arrangements for licensed -- 12.4.3. Civil action for loss or damage -- 12.4.4. Right of return -- 12.5. Dispute resolution -- 12.6. Approved and statutory external dispute resolution -- 12.6.1. Structure and governance -- 12.6.2. Standing and jurisdiction -- 12.6.3. Procedure -- 12.6.4. Remedies and enforcement -- 12.6.5. Relationship to court system: The legal nature of external dispute -- 12.7. Cooperation between ombudsman bodies: Towards an integrated -- 12.8. Comparison table for dispute bodies -- 12.9. When the market fails.
Summary: "'Financial services' is the fastest growing sector of the economy and has profound implications for individuals, corporations and government. Following extensive review in the last part of the twentieth century, Australia has now put in place an overarching system for regulating all financial services, replacing a system based on separate regulation of products in individual industries. Financial Services Law and Compliance in Australia provides a comprehensive account of the new regulatory structure and a detailed analysis of the new legislative framework, including discussion of the new regulatory bodies, the new licensing requirements for those wishing to enter the financial services market and the new obligations for those marketing or offering financial services to the public. This book is an essential resource for those working in, and advising on, financial services, students and those needing to understand the new regime as a whole."--Provided by publisher.
Tags from this library: No tags from this library for this title. Log in to add tags.

Includes bibliographical references and index.

1. The financial citizen and the market -- 2. The regulatory structure -- 3. An overview of financial services reform -- 4. Licensing financial services providers -- 5. The role of disclosure in the distribution of financial products -- 6. Selling financial products and other conduct -- 7. Deposit-taking and payments -- 8. Investment -- 9. Insurance -- 10. Consumer credit -- 11. Superannuation -- 12. Compliance, enforcement and remedies -- --

1. The financial citizen and the market -- 1.1. Risk and responsibility -- 1.2. Regulating for the financial citizen -- 1.3. The regulatory system -- 1.4. Compliance and literacy -- -- 2. The regulatory structure -- 2.1. The philosophy and approach to regulation -- 2.2. A history of financial services regulation in Australia -- 2.3. Regulatory bodies -- 2.3.1. The Reserve Bank of Australia -- 2.3.1.1. RBA and payments systems -- 2.3.2. Australian Prudential Regulatory Authority -- 2.3.2.1. APRA's objectives -- 2.3.2.2. APRA's structure -- 2.3.2.3. The impact of the HIH collapse on APRA -- 2.3.2.4. APRA's approach to regulation -- 2.3.2.5. An independent and accountable APRA? -- 2.3.2.6. APRA, authorised deposit-taking institutions, insurance -- 2.3.3. Australian Securities and Investments Commission -- 2.3.3.1. ASIC's role in consumer protection -- 2.3.3.2. ASIC's risk-based compliance approach -- 2.3.3.3. The role of ASIC in approving codes -- 2.3.3.4. The powers of ASIC -- 2.3.4. Australian Competition and Consumer Commission -- 2.4. Coordination of regulators -- 2.4.1. APRA and ASIC -- 2.4.2. APRA and RBA relations -- 2.4.3. ASIC and ACCC relations -- 2.5. Financing regulation -- 2.6. State fair trading agencies -- 2.7. Self-regulatory and industry bodies -- 2.7.1. Insurance Council of Australia -- 2.7.2. Australian Bankers' Association -- 2.7.3. Association of Superannuation Funds in Australia -- 2.7.4. Financial Planning Association of Australia -- 2.7.5. Investment and Financial Services Association -- 2.7.6. Mortgage and Finance Association of Australia -- 2.7.7. National Insurance Brokers Association of Australia -- 2.7.8. ABACUS Australian Mutuals -- 2.8. Dispute resolution bodies -- -- 3. An overview of financial services reform -- 3.1. New concepts for regulatory neutrality -- 3.2. Retail clients and wholesale clients -- 3.3. Providing a financial service -- 3.4. What is a financial product? -- 3.4.1. Facility -- 3.4.2. Makes a financial investment -- 3.4.3. Manages financial risk -- 3.4.4. Makes non-cash payments -- 3.4.5. An incidental financial product -- 3.4.6. Specific things that are financial products -- 3.4.7. Things that are not financial products -- 3.4.8. Bills of exchange and promissory notes -- 3.5. The definition of a financial service in the ASIC Act -- 3.6. Issued and issuer -- 3.7. Markets and clearing and settlement facilities -- 3.8. What is a financial market? -- 3.9. Representatives and authorised representatives --

4. Licensing financial services providers -- 4.1. The purpose of licensing -- 4.2. Reform of Australian licensing -- 4.3. Types of licences -- 4.3.1. Financial market licences -- 4.3.2. Clearing and settlement licences -- 4.3.3. Australian Financial Services Licence -- 4.3.3.1. Exemptions from holding an AFSL -- 4.3.3.2. Lawyers, accountants, tax advisers and the AFSL -- 4.3.3.3. Obtaining an AFSL -- 4.3.3.4. The obligations of the AFSL licensee -- 4.3.3.5. The licensee's responsibility for representatives -- 4.3.3.5.1. Banning orders -- 4.4. The content of the AFSL obligations -- 4.4.1. Do those things necessary to provide financial services efficiently, -- 4.4.2. Comply with the conditions of the licence -- 4.4.3. Comply with financial services laws; take reasonable steps to ensure -- 4.4.4. If not licensed by APRA, have adequate resources to provide the -- 4.4.5. Representatives must be adequately trained and competent -- 4.4.6. A dispute resolution system if financial services are provided to retail -- 4.4.7. Adequate risk management systems - unless regulated by -- 4.4.8. Compliance -- 4.5. Regulation by APRA -- 4.5.1. Authorised Deposit-taking Institutions -- 4.5.2. Insurance -- 4.5.3. Superannuation -- 4.5.4. Fit and proper -- 4.6. Liability issues in licensing -- -- 5. The role of disclosure in the distribution of financial products -- 5.1. Financial services disclosure overview -- 5.2. Financial services guide -- 5.3. Statement of advice -- 5.3.1. General advice and personal advice -- 5.3.2. When an SOA is not required -- 5.3.3. The content of the SOA -- 5.4. Product disclosure statement -- 5.4.1. Short form PDS -- 5.4.2. When must the PDS be given? -- 5.4.3. Exceptions from the PDS requirement -- 5.4.3.1. PDS already received -- 5.4.3.2. Products of the same kind already held -- 5.4.3.3. Products already held -- 5.4.3.4. No consideration for managed investment products and -- 5.4.3.5. Unregistered managed investment schemes -- 5.4.3.6. Managed investment schemes and related clients -- 5.4.3.7. Small-scale offerings of managed investment -- 5.4.3.8. Secondary sales of quoted securities -- 5.4.3.9. Takeovers -- 5.4.3.10. Interim insurance -- 5.4.3.11. Not reasonable for a retail client to expect -- 5.5. Timing rules -- 5.6. Who must prepare and give the PDS, and to whom? -- 5.6.1. Additional, requested and periodic disclosure -- 5.6.2. The content of the PDS -- 5.6.3. Benefits and risks -- 5.6.4. Costs and commissions -- 5.6.5. Dollar disclosure -- 5.6.6. Soft benefits and preferential remuneration -- 5.6.7. Other significant features; taxation implications -- 5.6.8. Investment considerations -- 5.6.9. Dispute resolution and cooling-off periods -- 5.6.10. Other information -- 5.6.11. Continuously quoted securities, traded products and enhanced -- 5.6.12. Updating the PDS -- 5.6.13. The content of the short form PDS -- 5.6.14. The content of the periodic statement -- 5.7. Failed and defective disclosure -- 5.7.1. FSG and SOA-related offences and civil liability -- 5.7.2. PDS-related offences and civil liability -- -- 6. Selling financial products and other conduct -- 6.1. Information, advice and selling -- 6.1.1. Guarding against the confusion of sales and -- 6.1.2. Intermediaries and advice -- 6.1.3. AMP financial planners -- 6.1.4. Fiduciary obligations -- 6.2. Advertising -- 6.3. Unsolicited selling -- 6.3.1. Hawking -- 6.4. Unsolicited buying -- 6.5. Cooling-off -- 6.6. Promotion and sales conduct -- 6.7. Misleading and deceptive conduct -- 6.7.1. FSR disclosure documents and misleading conduct -- 6.7.2. Proving that the conduct is misleading or deceptive or likely to -- 6.7.3. Context and meaning -- 6.7.4. Silence -- 6.7.5. The Westpoint Information Memorandum -- 6.7.6. Risk and the future -- 6.7.7. Disclaimers and qualifications -- 6.8. Other prohibited representations and conduct -- 6.8.1. Corporations Act provisions -- 6.8.2. False representations -- 6.8.3. The Cash King case -- 6.8.4. Further ASIC Act provisions -- 6.9. Implied terms in financial service contracts -- 6.10. Unconscionable conduct -- 6.10.1. General unconscionability -- 6.10.2. Domestic unconscionability -- 6.10.3. Small business unconscionability -- 6.11. Accessorial liability -- 6.12. Enforcement and remedies -- 6.12.1. Damages -- 6.12.2. Proportionate liability -- 6.12.3. Additional forms of enforcement and relief -- 6.13. General -- -- 7. Deposit-taking and payments -- 7.1. Introduction -- 7.2. The ADI -- 7.3. Banking business -- 7.4. Using the terms 'bank' and 'ADI' -- 7.5. APRA authorisation and prudential regulation -- 7.6. Licensing ADIs -- 7.7. Liability issues for APRA in its supervisory role -- 7.8. The legal nature of the deposit -- 7.9. Protecting deposits -- 7.10. Protecting payments -- 7.10.1. Co-regulation of payments -- 7.11. Non-cash payment facilities -- 7.12. Disclosure -- 7.13. Conduct connected with financial services and products other than -- 7.14. Banker and customer duties -- 7.15. The contract between the ADI and the retail client -- 7.16. Modification of the contract by the EFT Code and the Code of -- 7.17. The EFT Code -- 7.18. The Code of Banking Practice -- 7.19. Building society and credit union codes of conduct -- 7.20. The Financial Ombudsman Service -- -- 8. Investment -- 8.1. From consumer to investor -- 8.2. With whom do people invest? The Western Australian finance -- 8.3. Online investing -- 8.4. In what do people invest? -- 8.5. Regulatory history -- 8.6. Securities -- 8.7. Managed investment schemes -- 8.7.1. Definition -- 8.7.2. The Westpoint Saga and Emu Brewery Litigation -- 8.7.3. Registration -- 8.7.4. Licensing and changing the responsible entity -- 8.7.5. The statutory responsibilities and powers of the responsible -- 8.7.6. Other duties of the responsible entity -- 8.7.6.1. Proscriptive fiduciary obligations -- 8.7.6.2. Prescriptive duties of a trustee -- 8.7.6.3. Equitable duty of care -- 8.7.6.4. Duties governing the exercise of discretion -- 8.7.7. The interaction of statutory and equitable duties of the responsible -- 8.7.8. Duties of officers and employees of the responsible entity -- 8.7.9. Custodians -- 8.7.10. The constitution -- 8.7.11. The compliance plan -- 8.7.12. The compliance committee -- 8.7.13. Members' withdrawal from the scheme -- 8.7.14. Related party transactions -- 8.7.15. Contravention of Corporations Act, Chapter 5C -- 8.7.16. Winding up a registered scheme -- 8.7.17. Deregistration -- 8.8. Financial literacy -- 8.9. Financial Ombudsman Service --

9. Insurance -- 9.1. What is insurance and what does it do? -- 9.2. Regulatory history -- 9.2.1. Marine insurance -- 9.2.2. General and life insurance -- 9.2.3. The insurance crisis -- 9.3. The current regulatory structure -- 9.3.1. The business of insurance -- 9.3.2. The contract of insurance -- 9.3.3. Insurance as a financial product -- 9.4. Authorisation and prudential regulation -- 9.4.1. Authorisation -- 9.4.2. Prudential regulation -- 9.4.3. The collapse of HIH -- 9.5. FSR licensing -- 9.5.1. Providing financial product advice -- 9.5.2. Dealing in a financial product -- 9.5.3. Exemptions from holding an AFSL: Representatives -- 9.6. Advising on and selling insurance -- 9.6.1. Insurance agents -- 9.6.2. Insurance brokers -- 9.7. Dealing with clients' money -- 9.8. The doctrine of utmost good faith -- 9.9. Disclosure -- 9.9.1. FSR disclosure -- 9.9.2. Insurance Contracts Act disclosure -- 9.9.2.1. Disclosure by the insured -- 9.9.2.2. Disclosure by the insurer -- 9.10. Claims -- 9.11. General Insurance Code of Practice -- 9.12. External dispute resolution schemes -- -- 10. Consumer credit -- 10.1. Financial citizen or debtor? -- 10.2. Uniform consumer credit regulatory framework -- 10.2.1. Background -- 10.2.2. The Uniform Consumer Credit Code system -- 10.2.3. Changing the regulation of consumer credit -- 10.3. What is 'consumer credit'? -- 10.3.1. The legal concept -- 10.3.2. The purpose test -- 10.3.3. Other exclusions -- 10.3.4. Other applications of the Credit Code -- 10.4. Selling consumer credit -- 10.4.1. Mortgage brokers -- 10.4.2. Reverse mortgages and brokers -- 10.5. Disclosure -- 10.5.1. Pre-contractual disclosure -- 10.5.2. Comparison rates -- 10.5.3. Assessing disclosure -- 10.6. Gaining compliance through the civil penalty -- 10.7. Enforcing the credit contract -- 10.8. Hardship and unjust costs and transactions -- 10.8.1. Hardship -- 10.8.2. Unjust and unconscionable contracts -- 10.8.2.1. The general approach -- 10.8.2.2. Reviewing interest rates -- 10.8.2.3. Credit card debt -- 10.8.2.4. Ability to pay -- 10.8.2.5. Asset lending -- 10.8.2.6. Guarantors -- 10.8.2.7. Competitors -- 10.8.2.8. Consequences of reopening an unjust contract or -- 10.8.3. Unfair terms -- 10.8.4. Alternative dispute resolution -- -- 11. Superannuation -- 11.1. From employee to investor -- 11.2. The evolution of superannuation policy -- 11.3. The scope of the superannuation industry -- 11.4. Regulatory framework -- 11.5. What is superannuation? -- 11.5.1. Taxation arrangements -- 11.5.2. The statutory definition of superannuation -- 11.5.2.1. A superannuation fund -- 11.5.2.2. A regulated superannuation fund -- 11.5.2.3. A complying superannuation fund -- 11.6. Superannuation as a trust -- 11.6.1. The purpose of the fund: The sole purpose test -- 11.6.2. Trustees and statutory restatement of general law of -- 11.7. Licensing -- 11.7.1. The AFSL licence -- 11.7.2. The APRA licence -- 11.7.3. Licence requirements -- 11.8. Self-managed superannuation funds -- 11.9. Choice of fund -- 11.10. Disputes and dispute resolution -- 11.10.1. Superannuation Complaints Tribunal -- 11.10.1.1. Remedies -- 11.10.1.2. Constitution and governance -- 11.10.1.3. Complaint statistics -- -- 12. Compliance, enforcement and remedies -- 12.1. Compliance -- 12.2. Enforcement -- 12.2.1. Criminal sanctions -- 12.2.2. Civil penalties -- 12.2.3. Banning orders and disqualification orders -- 12.2.4. Stop orders -- 12.2.5. Enforceable undertakings -- 12.2.6. Cancellation or suspension of licences -- 12.2.7. Specific powers of the court -- 12.3. Enforcement table -- 12.4. Compensation and other relief -- 12.4.1. Compensation arrangements for financial services -- 12.4.2. Compensation arrangements for licensed -- 12.4.3. Civil action for loss or damage -- 12.4.4. Right of return -- 12.5. Dispute resolution -- 12.6. Approved and statutory external dispute resolution -- 12.6.1. Structure and governance -- 12.6.2. Standing and jurisdiction -- 12.6.3. Procedure -- 12.6.4. Remedies and enforcement -- 12.6.5. Relationship to court system: The legal nature of external dispute -- 12.7. Cooperation between ombudsman bodies: Towards an integrated -- 12.8. Comparison table for dispute bodies -- 12.9. When the market fails.

"'Financial services' is the fastest growing sector of the economy and has profound implications for individuals, corporations and government. Following extensive review in the last part of the twentieth century, Australia has now put in place an overarching system for regulating all financial services, replacing a system based on separate regulation of products in individual industries. Financial Services Law and Compliance in Australia provides a comprehensive account of the new regulatory structure and a detailed analysis of the new legislative framework, including discussion of the new regulatory bodies, the new licensing requirements for those wishing to enter the financial services market and the new obligations for those marketing or offering financial services to the public. This book is an essential resource for those working in, and advising on, financial services, students and those needing to understand the new regime as a whole."--Provided by publisher.

Machine converted from AACR2 source record.

There are no comments on this title.

to post a comment.

Powered by Koha