Unfair Contract Terms: New Civil Penalties & Deemed Significant Breaches for AFSL Holders

KHQ Lawyers's picture
Published: 04/09/23 - Country: Australia

There’s been much commentary regarding the upcoming changes to the unfair contract terms regime under the Australian Consumer Law and the ASIC Act, brought about by the passing of the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth). These changes have the effect of broadening the scope of the existing UCT laws, and introducing new penalties (in addition to raising the threshold for others) for non-compliance.

These changes will impact AFSL holders, and may also be relevant for other businesses operating in the financial services sector.

We have a prepared a guide to the changes, which you can access via the link below. If you have any questions, or need assistance to ensure that you are compliance ready, please do not hesitate to contact a member of our Superannuation & Financial Services team.

Click to download:  KHQ Lawyers – Unfair contract terms – AFSL holders & financial services

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KHQ Lawyers's picture

KHQ Lawyers was founded in March 2006 by two lawyers from top-tier and in-house backgrounds who had a vision for a new type of law firm – ‘boutique top-tier’, a firm with top-tier talent, clients and expertise, underpinned by the best characteristics of a boutique firm (namely, nimble, efficient, friendly, and cost effective). 

While relatively young in approach and outlook, we have built a solid reputation as a strong team of talented practitioners from top-tier and in-house environments. We are proud to be the firm of choice for a prestigious list of ASX-listed and multinational clients across Australia. Our diverse client base also includes high net worth individuals, SMEs, and niche agencies and consultancies.

Our teams are led by highly respected practitioners, many of whom have been recognised as among the best in their fields. We focus on getting to know our clients, and tailoring our delivery to their needs. We work closely with our clients to ensure that our services and solutions are relevant to their commercial objectives and are in their best interests.

Our passion and dedication to high quality service delivery is at the core of everything we do.