Unfair Contract Terms: New Civil Penalties & Deemed Significant Breaches for AFSL Holders
Published: 04/09/23 - Country: Australia
Economic:
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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