Unfair contract terms: new civil penalties & deemed significant breaches for AFSL holders


Posted By and on 1/09/23 at 3:13 PM

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

KHQ Lawyers - Andrew Taylor

Andrew Taylor Special Counsel

Andrew is a Special Counsel in the Superannuation & Financial Service team.

Andrew’s practice is focused on financial services and products, particularly superannuation, investment platforms... Read More

KHQ Lawyers - Natalie Cambrell

Natalie Cambrell Director

Natalie leads our Superannuation & Financial Services team. With more than 25 years’ experience, she has an enviable reputation for her in-depth knowledge in these highly regulated and complex... Read More