Overview
Our Consumer Financial Services team has extensive experience acting for a wide range of clients regarding compliance with consumer credit and other laws regulating the provision of financial services, and the development and documentation of retail banking products.
The legal services we provide include:
- strategic and regulatory advice (including advice in relation to the compliance of systems, operations and procedures at all stages of the product life cycle)
- product development and documentation (including reviewing and advising on related marketing and promotional material)
- legal due diligence
- negotiation and documentation of significant retail related transactions.
Our consumer financial services expertise includes advising on:
- the development and distribution of regulated financial products both under consumer credit legislation and the financial services provisions of the Corporations Act 2001 (Cth)
- significant retail banking related transactions (including financial services alliances, co-brand and white-label arrangements and loyalty schemes)
- electronic banking and payment systems
- the regulatory and licensing requirements to establish and operate financial institutions in Australia.
We also regularly liaise with various regulatory bodies on behalf of our clients, including APRA, ASIC, AUSTRAC and the ACCC.
Experience
Our experience includes acting for:
- ING DIRECT in relation to the development and documentation of the suite of ING DIRECT savings products. This includes the successful Savings Maximiser and Business Optimiser products, as well as ING DIRECT’s residential mortgage product, Mortgage Simplifier.
- David Jones in connection with its selection of, and negotiation with American Express for the establishment and provision of a David Jones branded general purpose credit card and the sale of its existing card portfolio
- various clients in relation to various applications to ASIC for relief from the requirements of Chapter 7 of the Corporations Act 2001 (Cth)
- several major Australian financial services providers in relation to the structuring of innovative credit and banking products, such as stored value cards and wireless banking solutions
- Coles Group in relation to the divestiture of its store card business to GE Capital Finance Australia and the subsequent alliances between Coles Group and GE Capital Finance Australia for the issue of the Coles Group Card and Coles Group Source MasterCard products
- a number of institutions on various regulatory matters relating to consumer credit, retail banking or payment systems law. This includes ANZ, Coles Group, Diners Club, David Jones, NAB, Telstra, Members Equity Bank, BankWest and RentSmart
- a major retailer on the regulatory framework relating to the establishment and operation of a specialist credit card institution
- a major telecommunications company in relation to the development of a micro-payments service
- an online payment services provider on the regulatory framework applying to online payment services
- Investec Bank in relation to its applications to the Treasurer and APRA for approval to acquire, and then merge, NM Rothschild Australia with Investec Bank (Australia), as well as associated licensing and other regulatory issues.
Working with you
Freehills’ extensive experience in this area enables us to provide comprehensive commercial advice and the strategic input necessary to ensure the delivery of favourable outcomes for our clients in a changing, increasingly regulated retail banking environment. We have a strong track record of assisting clients to work through the financial services regulatory framework.
