Financial Regulation & Compliance

Getting clear, reliable answers in today's rapidly changing environment for retail financial services has never been more challenging.

Experience counts in formulating commercially practical, no-nonsense solutions to real business problems. We can provide the creative responses demanded by the opportunities and challenges of technology and the patchwork of regulators, laws and codes that impact on retail financial services and retail banking.

Comprehensive experience

Allens team members have a wealth of industry experience. Our core Financial Regulation & Compliance team works closely with our other experts in areas such as competition law, GST, technology, insurance, funds management and plain English drafting. We are able to offer financial service providers coordinated and comprehensive advice, as well as innovative, complete and effective solutions. We understand the commercial realities of the heavily regulated and closely monitored market for consumer financial services.

We act for some of Australia 's leading financial services providers, advising on the full spectrum of retail banking and financial services issues.

Keeping ahead of the changes

We keep our clients informed of regulatory changes that might affect the way they do business and offer seminars on relevant, topical legal issues.

Consumer credit

Allens has a wealth of experience in addressing compliance with the Consumer Credit Code, not just in consumer lending, but in transactions as wide ranging as the securitisation of regulated loans, margin lending facilities and the issue of instalment warrants.

We worked closely with a number of our clients in their preparation for the introduction of the Code and have been involved in their process and system changes and product development since that time.

Our experience has included:

  • advising numerous clients on the full range of issues raised by the Code, including analysing systems and processes to ensure compliance;
  • preparing sets of standard loan, mortgage and guarantee documentation for both regulated and unregulated transactions;
  • working on product development including applying Code requirements to a range of home and investment property loan products, personal loan, credit card and line of credit products;
  • preparation of compliance manuals and training materials and presentation of training sessions; and
  • advising on Code breaches or alleged breaches and the issues and risks flowing from those breaches. We have also conducted a civil penalty application for a credit provider with systemic breaches flowing from a systems error.