Australia: Financial Services

APRA’s most recent accountability enforcement action against Bendigo and Adelaide Bank (BAB) for failures to address known cyber weaknesses within its group demonstrates how seriously it takes cyber risk management.

The Supreme Court of New South Wales has ruled that a default interest rate of 3% per month, compounded monthly, constitutes an unenforceable penalty despite valid loan documentation. This landmark decision challenges traditional lending structures where borrowers receive discounted rates that revert to higher rates upon default, requiring lenders to demonstrate legitimate commercial justification for increased default interest rates.

Precious-metals streaming has evolved into a substantial financing tool for Australian mining projects, offering developers an alternative to traditional project finance. With major transactions demonstrating streaming's viability across junior developers and major producers alike, mining companies now face strategic choices about capital structure.

We recently examined how fraud can undermine indefeasibility and the resulting risks for lenders. You can read that article here: Indefeasibility of title - legal certainty in an age of rising fraud. This article analyses the High Court of Australia’s decision in Stubbings v Jams 2 Pty Ltd [2022] HCA 6, which remains the leading authority on responsible lending practices, notwithstanding the passage of four years since judgment.

A recent Federal Court decision imposing a $10.3M penalty on Mercer Superannuation (Australia) Limited highlights the significant consequences of failing to maintain adequate compliance systems and meet reporting obligations.

When a borrower defaults on a loan, does the lender have an immediate right to repossess property or force a sale? This article examines the negotiation options available to borrowers after loan default, the statutory protections under the National Credit Code, and the enforcement rights and obligations of lenders under Queensland's Property Law Act 2023.

On 25 June 2026, ASIC commenced proceedings in the Federal Court of Australia against three former directors of the operator and manager of the Shield Master Fund (Shield) and two former compliance...

You must consider privacy responsibilities if your business collects personal information. Importantly, this includes ensuring that you do not disclose any inaccurate personal information to third-parties.

Australian financial services innovators operating in complex regulatory environments face heightened enforcement scrutiny from ASIC. Recent Federal Court decisions reveal how obtaining robust legal advice before launching novel products can provide statutory relief from civil penalties under section 1317S of the Corporations Act, while failing to do so exposes companies to significant liability and regulatory action.