Regulatory reform and compliance

LAWYAL Solicitors provides advice to Australian organisations on how new regulatory reform impacts their businesses, including current and future NCCP Act enhancements, the Privacy Act reforms and Banking Code of Practice, and the impacts of tighter regulation over car dealerships under NCCP Act. We provide guidance, advice and training, and draft policies, procedures, disclosure documents, and compliance programs.

For the abundance of new regulation that has been introduced in Australia over the last decade, including AML/CTF Act, NCCP Act and Code, the Australian Consumer Law (unfair contract terms) and the margin lending reforms under the Corporations Act, we can conduct a legal and compliance review over processes, policies, procedures and documents for the purpose of refreshing, updating and certifying compliance.

experience
  • Assisted with the implementation of NCCP Act and Code and the Corporations Act margin lending reforms into a large financial institution, including licencing and structuring advice and drafting amendments to policies, procedures and documents.
  • Acted on a full NCCP Act review for compliance by a large financial institution, including running workshops with stakeholders to identify gaps and recommending changes to responsible lending procedures, hardship procedures, debt collection procedures, advertising policy, disclosure obligations and introducer on-boarding procedures.
  • Assisted with the implementation of the Australian Consumer Law (unfair contract terms), including reviewing contracts for potentially unfair terms, and amending clauses.
  • Acted on the implementation of AML/CTF Act into for the mortgages division of a large financial institution.
  • Advised on the implementation of the Privacy Act reforms including undertaking gap analysis for a large financial institution.