Apple and Google face stricter rules as digital wallets take off.
The biggest review of Australian payments regulation in more than 20 years says the government should have the power to set rules for new forms of payment such as Apple and Google’s digital wallets, which could become systemically important players in finance.
Banks and fintechs backed the landmark review that said Australia’s current system of payment regulation lacked a clear vision, as the sector grapples with rapid growth in new types of digital payment. Read More
Telstra, Optus and TPG taken to court over internet speed claims to customers.
Telstra, Optus and TPG have all been taken to the Federal Court by the Australian Competition and Consumer Commission (ACCC) for making allegedly false or misleading representations when promoting some 50Mbps and 100Mbps NBN plans.
The ACCC alleges the three largest internet service providers failed to advise many customers on Fibre to the Node (FTTN) connections when their maximum speeds were below the promised levels, despite promising to do so.
It has also been alleged that Telstra, Optus and ATG wrongly accepted payments from certain customers for NBN plans when they were not provided with the promised speeds. Read More.
Big four bank NAB hit with massive fine over ‘false or misleading’ conduct with fees.
National Australia Bank has been hit with an $18.5 million fine for breaking the law in its financial planning division.
Federal Court Justice Jennifer Davies said in her judgment the bank had made “false or misleading representations” about what clients were getting for their fees and how much they were paying, and that it had incorrectly charged fees to clients. Read More.
What the Family and Federal Circuit Court merger means for your practice.
Under a suite of new changes that include consequences for non-compliance, strict limits on cross-examinations and affidavits, and a number of new appointments, the Family and Federal Circuit Court merger promises to deliver justice more effectively, efficiently and inexpensively, Chief Justice Will Alstergren has told the profession.
The newly merged Federal Circuit and Family Court of Australia (FCFCOA) will start operating under updated rules from 1 September with the aim of delivering cost-effective and efficient judgment within 12 months of filing an application. The changes include a single point of entry, harmonised forms and updated processes. Read More.
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