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Banking and Finance

 Be careful with credit card surcharges

Be careful with credit card surcharges

This week Cruisin Motorhomes paid a $12,600 penalty following an infringement notice from the ACCC alleging a breach of the excessive payment surcharge laws as outlined in the Competition and Consumer Act 2010. The ban on excessive surcharge payments has been in place since September 2017.

Standards shake-up for Financial Advisors

Standards shake-up for Financial Advisors

Amongst the tidal wave of criticism of the financial planning industry in the wake of the royal commission, education and ethical standards is one area a new amendment to the Corporations Act will seek to address from 1 January 2019.  

90 day “PPS Lease” Abolished

90 day “PPS Lease” Abolished

From today, 1 October 2015, the Personal Property Securities Act will no longer operate to automatically give rise to a security interest in serialised goods (e.g. motor vehicles, motorhomes, aircrafts etc.) that are leased or bailed for a term of less than 12 months.

This is in contrast to the now outdated law which provided that leases or bailments of serialised goods for a period of more than 90 days, automatically created a security interest in the goods in favour of the lessor or the bailor. This meant that a lessor or bailor had to register a security interest on the Personal Property Securities Register (Register) to protect their interest in the goods. 

Changes to term deposit accounts

Changes to term deposit accounts

From 1 January 2015 the standards imposed by the government regulator on deposit taking institutions are being tightened.  The measure is part of a global initiative to improve the liquidity of the finance industry.