Liam O’Brien, GRC Solutions’ Subject Matter Expert, will join Allens lawyers and AFIA’s CEO to discuss the legal and practical implications for lenders and borrowers of the government’s proposed changes

Over the next few months, the Australian Parliament will be examining our current credit laws with a view to make changes to codify the judgement in the “Wagyu and Shiraz” court case, improve the flow of credit, and support the nation’s COVID-19 economic recovery.

On Wednesday, 2 December from 11am – 12pm, AFIA CEO, Diane Tate, will be joined in conversation with Associate AFIA Members, Allens and GRC Solutions, for a Responsible Lending Obligations Masterclass. The panel will discuss the legal and practical implications for lenders and borrowers to better understand the system, process and policy requirements that may need to be implemented before 1 March 2021.

Do you know what these significant changes mean for the industry? What will take the place of the RLOs? Will this positively or negatively impact lenders and borrowers? Who will be impacted?

Register for this masterclass to gain valuable insight into:

• the key features of the proposed legislative changes to consumer credit requirements
• the new lending framework for ADIs and non- ADI lenders
• the impact on Best Interests Duties for brokers, credit representatives and those covered by the Point of Sale exemptions
• the key differences for consumer lending vs business lending
• what material shifts in compliance may be required.

The changes proposed are complex and substantial for our industry – register now to make sure your business understands the impact early, is ready to implement the legal and regulatory changes, and is able to take advantage of the opportunities presented.

For an analysis of this dramatic policy shift in consumer lending regulation in Australia, see our article, Responsible Lending – Major Reforms, by Michael Funston, GRC Solutions’ Senior Lawyer and Manager.

Liam O’Brien, Senior Consultant with GRC Solutions, will be familiar to participants in our RM workshops.

Liam is a highly regarded risk and compliance expert and workshop presenter. He helps organisations develop a successful risk and compliance program by converting a strategy into an operational program of work. Liam holds a Master of Applied Finance and is currently a Responsible Manager of an AFSL, company director and subject matter expert.