Financial Investments:

If you provide financial investments services, then you may require an Australian Financial Services License. Generally you may require an AFS License if you:

• provide financial product advice to clients;
• deal in a financial product;
• make a market for a financial product;
• operate a registered scheme;
• provide a custodial or depository service; or
• provide traditional trustee company services.

In addition to the AFS License, your ongoing conduct may be regulated by ASIC who further regulates the terms of financial services. Finally it may also be the case that you are additionally regulated by the NCCCPA or the ACL. The Australian Consumer Law, as contained at Schedule Two of the Competition and Consumer Act 2010 may be one of your protections in claims relating to Mortgages. The Australian Consumer Law may give remedies in relation to conduct such as:

1. Unconscionable conduct which is, amongst other things, an abuse of superior bargaining power in dealings;
2. Unfair contract terms in standard form contracts;
3. Misleading or deceptive conduct;
4. False representations; and
5. Other unfair practices such as pyramid selling.

The National Credit Consumer Credit Protection Act 2009 is a federal statute which has the fundamental impact of ensure banks complete responsible practice. Within the Act, at Schedule One is the National Credit Code. Of particular importance may be clause 31A of the National Credit Code, which relates to restrictions on fees and charges for small amount credit contracts. Same clause generally relates to the fees and charges which may be placed over certain credit contracts. If you feel that your provider may have breached this clause, or generally has acted in a manner you believe may breach your statutory rights, we would encourage you to contact us.

In either case we would advise you to get in contact with us as soon as possible. If you are unsure of your obligations in relation to the Banks & Financial Institutions, or if you have had contact with the regulating body in relation to alleged breaches of the code, we recommend that you contact our firm on (02) 9233 4048 or send an email to info@navado.com.au and arrange an appointment to see one of our Compliance & Regulatory Law Solicitors. 

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.