Relaxing responsible lending — the panacea needed?
Almost two weeks ago, the Internet was abuzz with emails flying around about the Government's Consumer Credit reforms. It took many in the industry by surprise…
Blog · Industry commentary from Min-IT
Notes from the Australian lending desk.
Regulatory analysis, ASIC actions, court decisions and platform announcements — written by the Min-IT team for the Australian credit industry.
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Unlicenced vehicle lending — ASIC takes action
Last month, ASIC released MR 24-209. ASIC alleges 'Lansvale Motor Group (operated by Diamond Wheels Pty Limited) and Keo Automotive Pty Ltd offered unlicensed…
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WA Supreme Court rules Docusigned signature invalid
If you use Docusign or one of the other PDF online signing services, any document you've had signed electronically may be invalid. Before panicking…
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EU issues initial formal guidance on AI for retail finance
An article by CMS RegZone states the European Securities and Markets Authority has released a public statement on AI use in finance…
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Automated systems and acting efficiently, honestly and fairly
Section 47(1)(a) of the Credit Act requires lenders and brokers to act 'efficiently, honestly and fairly'. ASIC regularly claims lenders breach this…
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New court judgment may finally stop de-banking
In a recent decision by the NSW Supreme Court, the issue of de-banking was considered. This is an issue that has been gathering momentum…
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New UK Consumer Compliance Bill — will we see something similar?
Following an article published by Law-Now, the UK Government released details of a new Consumer Compliance Bill recently presented in Parliament…
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Got a .com.au domain? Grab a new .au one before someone else does
Do you have a .com.au domain name or similar for your website? If so, are you aware of the Media Release by the Australian Small Business Ombudsman…
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ASIC to prosecute for failing to comply with an AFCA determination
Last Friday, ASIC announced it has commenced prosecution proceedings against Lightspeed Finance Pty Ltd and its director for failing to comply with an AFCA…
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New regulations: debt management & credit repair must hold an ACL
Mid-January, Treasury invited submissions on proposed NCCP Regulations requiring Credit Repair and Debt Management companies to hold an ACL…
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Updating privacy arrears — Credit Reporting Bodies
Last week, I was asked if I knew anything about how Privacy arrears listed with a Credit Reporting Body could be updated…
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ASIC industry funding levies
As an industry representative, there's been very little information on ASIC's new levies and so the following should be of interest to ACL holders…
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Wonga UK succumbs to consumer claims, goes into administration
On Thursday (UK time), BBC News announced payday lender Wonga in the UK was going into administration…
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Do you need to renew your PPSR registrations?
January 2019 is a milestone date for the Personal Property Securities Act as there'll be 7 years of registrations on the PPS…
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Do your contracts contain a time restriction that might breach an ACL claim?
Corrs Chambers Westgarth recently advised of a Supreme Court of Victoria decision regarding contract restrictions…
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The screw turns a little more…
The recent Budget by Treasurer the Hon Scott Morrison has had many perplexed in the past 10 days…
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Banking Royal Commission musings
A comment under the headline about bank behaviour in the Sydney Morning Herald of 21 April discusses industry concerns…
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Will requiring ASIC to consider competition lead to better outcomes?
Last week, before the Productivity Commission, Greg Kirk from ASIC said he welcomed the PC's draft report suggestions…
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How one individual can circumvent your Responsible Lending Obligations
A client advised of an interesting scenario impacting responsible lending obligations that most would be unaware of…
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Westpac upping the ante against staff of lenders now?
Some time ago, we advised of the Melbourne-based client that was advised by Westpac that it no longer wanted its business and was given 30 days…
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Min-IT Training Day
Thanks to all who attended Friday's Training Day at the Novotel Hotel in Brisbane. From feedback we received, it seems everyone enjoyed the day…
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Google™ will use mobile page speed as a ranking factor from July 2018
If you haven't been advised by your SEO provider or website developer yet, Google is to start using the page speed and load time…
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Min-IT is now on Facebook
Click to like us.
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Incorrect phone number and/or address as an indicator of potential fraud
I recently re-watched a webinar originally run by Veda in early July and believe an interesting statistic needs to be brought to your attention…
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Google APR requirements — update
Further to the bulletin issued 07 July, as Google itself has never defined the term "APR", following a suggestion given to a client's web developer…
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Reminder — Google requirements take effect 13 July
Further to the bulletin issued 12 May, this is a reminder that Google's change of advertising policy takes effect on 13 July…
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ANZ wins its appeal on late fees in High Court
On 27 July, the High Court of Australia delivered a very important decision. In Paciocco v ANZ Banking Group, the late-fee question reached its conclusion…
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