NSW Government data security inadequate according to report

By Peter Clarke The Fairfax press in Personal information held by NSW government exposed to cyber crime risk reports that 2/3rds of NSW Government agencies do not comply with their obligations to secure data.
The 82 page report provides insight but the chronic and deep seated flaws in data handling and cyber security practices are all too common. A lack of training and what limited access to data should mean, a lack of in depth protections which detect breaches from both outside and within, inadequate legislation with ineffective enforcement and inadequate training which leads to a poor privacy culture are the foundations …read more

Source:: Peter A Clarke

Financial Products Design and Distribution Obligations and ASIC Intervention Power – Draft Legislation

By David Jacobson The Government has released an exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 which will amend the Corporations Act and the National Credit Act to introduce:
financial products design and distribution obligations under the Corporations Act to ensure that products are targeted at the right people; and
a temporary financial product intervention power under the Corporations Act and a temporary credit product intervention power under the National Credit Act for the Australian Securities and Investments Commission (ASIC) when there is a risk of significant consumer detriment.
The Design and Distribution Obligations will require issuers …read more

Source:: Bright Law

Refunds by insurers as a result of mis-selling of products or misleading advertising

By David Jacobson ASIC has ended 2017 with a series of announcements about refunds by insurers as a result of mis-selling of products or misleading advertising. The insurers are Comminsure, Latitude Insurance and Swann Insurance.
ASIC says CommInsure will pay $300,000 to the Insurance Law Service in the form of a Community Benefit Payment and have its advertising sign-off processes independently reviewed after ASIC raised concerns about CommInsure’s advertising of two life insurance policies:
Total Care Plan, sold through financial advisers;
Simple Life Insurance, sold directly to consumers
ASIC reviewed advertising from mid-2013 to March 2016 and found that misleading and deceptive statements are likely to have …read more

Source:: Bright Law

National Mortgage Form transition

By David Jacobson In the last 4 years there have been changes to the processes for each land registry across Australia to facilitate electronic conveyancing by standardising forms and procedures across all jurisdictions.
In 2017 a new uniform national mortgage form (NMF) was introduced.
Mortgages signed in NSW and Victoria after 31 December 2017 must be on the NMF for both paper and electronic dealings.
Paper mortgages signed before 1 January 2018 may be lodged after that date either using the NMF or the current form.
In Queensland the transition period during which both old and new form mortgages can be lodged has been extended until 2 …read more

Source:: Bright Law

Ramsay Review financial services compensation scheme deferred

By David Jacobson The Government has released the Supplementary Final Report to the “Review of the financial system external dispute resolution and complaints framework”, which includes recommendations for the establishment of a limited financial services compensation scheme of last resort (CSLR). Background.
While the Royal Commission to investigate allegations of misconduct by Australian banks and other financial services providers will not affect the establishment of the Australian Financial Complaints Authority (AFCA), the new Banking Executive Accountability Regime or reforms to whistleblower protection regimes, the Royal Commission will examine many of the issues that have been considered as part of the supplementary Ramsay report and …read more

Source:: Bright Law

Merry Christmas and my traditional reprint of Yes, Virginia there is a Santa Claus..

By Peter Clarke I wish all readers, regular, occasional and first timer, a happy and holy Christmas.
Since I was a school kid I was impressed with the Editorial of the New York Sun titled Yes, Virginia there is a Santa Claus. It was first published on 21 September 1897.
It is a wonderful piece of writing. Clear, concise and full of warmth without being mawkish. It can read a number of levels, starting with the intended reader, the 8 year old Virginia O’Hanlon. As prose it makes the current offerings in Australia, and elsewhere, dreary and bloated by comparision.
The story of …read more

Source:: Peter A Clarke

Children at risk cases

By wjmadden Handed down yesterday was a much awaited decision of the Court of Appeal (England and Wales), in which the court held that no duty of care (under English law) can be owed by a local social services authority in the exercise of its statutory child protection functions to investigate and take action to prevent significant harm to children: CN v Poole Borough Council [2017] EWCA Civ 2185.
At [94] – [95] per Irwin LJ:
There are broadly two considerations here, reflecting the authority I have considered, which would militate against legal liability on these facts. The first is the concern, articulated in …read more

Source:: Bill Madden

Discharge when sedated

By wjmadden Naidoo v Brisbane Waters Administration Pty Ltd trading as Brisbane Waters Private Hospital [2017] NSWDC 372 saw the claimant allege that at the time of her discharge from hospital was she was suffering from tiredness, drowsiness and/or sedation and ought not to have been permitted to drive her motor vehicle home from the hospital – a distance of about 50 kilometres. She claimed against the hospital and a psychiatrist in respect of injuries suffered as a consequence of a motor vehicle accident which occurred following and shortly after the plaintiff’s discharge from the hospital.
The psychiatrist denied negligence and also sought …read more

Source:: Bill Madden

A refreshing and timely story on the Commonwealth bank accused of misleading the Privacy Commissioner and the Privacy Commissioner cops criticism in handling that deception

By Peter Clarke Tonight’s 7.30 program has a story, titled Commonwealth Bank accused of misleading the Privacy Commissioner about a privacy complaint where the sting is the Commonwealth Bank failing to provide proper disclosure of documents. The determination is ‘KA’ and Commonwealth Bank of Australia Limited [2016] AICmr 80 (25 November 2016). KA is Kylie Murden in the 7.30 story. As determinations go it is quite a significant award. But that says not all that much except to highlight the problem with the Privacy Commissioner’s process of deciding an appropriate award. The Privacy Commissioner’s awards range from risible …read more

Source:: Peter A Clarke