Conferences

Summary

With a raft of regulatory reform on the agenda, the Credit Law Compliance Summit will help you update your compliance training programs and amend documents and procedures to ensure compliance across your business.

Attending the conference will enable you to:

• Determine which parts of the business will be impacted by responsible lending reforms and the impact on credit approval processes, credit card limits and product offerings, including low doc loans
• Review contracts to ensure compliance with unfair contract term provisions and design terms and conditions that are reasonable, particularly fees and charges
• Understand the new rules under the Personal Property Securities Act, the types of securities impacted and the impact on credit approval procedures
• Make sense of licensing reforms, license eligibility, and ASIC requirements

Hear case studies from organisations including:

• National Australia Bank
• Commonwealth Bank
• Rabobank
• AMP
• GE Capital
• Macquarie Bank
• Mortgage Choice
• American Express
• Bendigo and Adelaide Bank

Accredited by:

The NSW Bar Association (1 CPD point per hour of attendance, with a maximum of 6 CPD points to be claimed)

The Bar Association of Queensland (1 CPD point per hour of attendance)

The Victorian Bar Association (1 CPD point per hour to a maximum of five CPD points)

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Learning Objectives

• Examine transitional arrangements and timeframes under National Consumer Credit reforms
• Discuss responsible lending reforms, potential impacts on product offerings and practices such as credit card limits and low doc lending
• Review and amend contracts to ensure compliance with unfair contract term provisions in the Australian Consumer Law reforms
• Analyse mortgage lending and other credit regulatory developments in the UK & US and potential lessons for Australia
• Minimising the administrative burden and stress on key resources and compliance process overlap for various legislation
• Privacy reforms and transitioning from the NPPs to UPPs
• Understanding the differences between holding your own licence and being a credit rep
• ASIC’s Regulatory Guides on dispute resolution processes and what you can expect from external dispute resolution (EDR) schemes under the new National Consumer Credit Reform legislation
• The new rules for credit providers under the Personal Property Securities Bill
• Bankruptcy Act reforms & issues regarding personal insolvency

Speakers

• Greg Kirk, Senior Executive Leader – Credit Taskforce, ASIC
• Joe Garbutt, Head of Group Regulatory Strategy, National Australia Bank
• Ross Anderson, Programme Director Major Regulatory Reform, Commonwealth Bank of Australia
• Graeme Alexander, Head of Compliance and Ethics, American Express
• Ofir Kranz, Head of Compliance Revolving Products, GE Capital
• Jon Denovan, Partner, Gadens
• Jane Couchman, Divisional Director in Risk Management, Banking and Financial Services Group, Macquarie Bank
• Jeff Davis, Head Counsel Group Legal, Rabobank
• Brooke Pietsch, Senior Manager Compliance, AMP Financial Services, AMP
• Peter White, Managing Director, Finance Brokers Association of Australia
• Narelle Smythe, Partner, Clayton Utz
• Tim Donahoo, Compliance and Corporate Standards Manager, Mortgage Choice
• James Moore, Special Counsel, Mallesons Stephen Jaques
• Patricia Pirone, Corporate Lawyer, Bendigo and Adelaide Bank
• Bruce Mackie, Manager Legal and Corporate Affairs, Greater Building Society
• Andrea Beatty, Partner, HWL Ebsworth Lawyers
• Katherine Lane, Principal Solicitor, Consumer Credit Legal Centre (NSW)
• Raj Venga, CEO and Ombudsman, Credit Ombudsman Service Limited (COSL)
• Mark Poczman, Partner, Piper Alderman
• Sally Nash, Principal, Sally & Co Lawyers
• Calvert Duffy, Executive Director - Governance & Administration, Mortgage and Finance Association of Australia (MFAA)
• Mei Ling Perry, Director, Know Compliance
• Rikki Zubar, Senior Consultant, Know Compliance
• David Carter, Partner, Dibbs Barker
  

Conference Agenda

Conference Day One: Wednesday April 21st 2010

8:30 Registration and Coffee

9:00 Opening Comments from the Chair:

Jon Denovan, Partner, Gadens

9:05 The Roadmap For Change Under the National Consumer Credit Protection Act

• Examine transitional arrangements and timeframes under National Consumer Credit reforms
• Understanding the licensing application process
• Outline new obligations, in particular the responsible lending requirements
• ASIC's approach to compliance, surveillance and enforcement

Greg Kirk, Senior Executive Leader - Credit Taskforce, ASIC

9:50 Case Study: Updating Processes and Operations in line With NCCP Obligations

• Outline the National Consumer Credit Protection (NCCP) project overview, including the design of the compliance program, and customer and business objectives
• Discuss the complexities of using an intermediary model, including:

- The appointment of intermediaries as credit reps
- The impact of getting a licence for retailers

• Examine the operational impacts:

- UCCC to NCC: timing, planning & execution changes
- The impacts of operating in an uncertain environment
- Competing views on conflicts of interest
- Preparing for unpassed legislation and regulation

• Responsible lending

-What it could mean for business processes
- Impacts to acquisition models:
-Direct to customer (face to face)
-Direct to customer (website)
-Through an intermediary
-Credit limit / line of credit management

Ofir Kranz, Head of Compliance Revolving Products, GE Capital

10:35 Morning Tea & Networking

11:00 Case Study: Overseas Developments in the Area of Credit Regulation & Lessons for Australia

• Analyse mortgage lending and other credit regulatory developments in the UK and the US
• Discuss the concept of ‘treating customers fairly’ in overseas markets, the impacts on lending practices, and potential lessons for Australian retail banks
• NAB's approach to regulatory strategy

Joe Garbutt, Head of Group Regulatory Strategy, National Australia Bank

11:45

Understanding the Differences Between Holding Your Own Licence and Being a Credit Rep

• Discuss the history and the reasons why there are licensees and credit reps as opposed to just licensees
• Scrutinise the type of licences and the choices for lenders
• Analyse the acceptable levels of risks for each type of licence

Calvert Duffy, Executive Director - Governance & Administration, Mortgage and Finance Association of Australia (MFAA)

12:40 Lunch

1:30 Responsible Lending: A Detailed View on the Legal Requirements and Impacts

• What are the requirements?
• Understanding who is responsible for verification and to what extent they are responsible
• Scrutinise lenders obligations to take ‘reasonable’ steps to protect consumers and the concept of ‘scalability’ in ASIC guidelines
• Discuss potential impacts on product offerings and practices such as credit card limits and low doc lending

Narelle Smythe, Partner, Clayton Utz

2:15 Case study: Rolling Out Responsible Lending Compliance Training Across the Business

• Assessing which parts of the business are impacted by responsible lending reforms to determine compliance training requirements
• Updating procedures and policies, and rolling out policy training to ensure staff are aware of obligations, particularly in sales and marketing departments
• Training staff on how to determine suitability of products for customers

Jane Couchman, Divisional Director in Risk Management, Banking and Financial Services Group, Macquarie Bank

3:00 Afternoon Tea & Networking

3:30 Licensing: The Legal Requirements and Impacts

• Examine ‘credit activity’ and the need for a licence
• Licensing exemptions - point of sale and others
• Discuss the conditions of an Australian credit licence
• An overview of ASIC's credit jurisdiction

James Moore, Special Counsel, Mallesons Stephen Jaques

4:15 Case Study: Making Sense Of Licensing Reforms

• Licence eligibility - Who can apply?
• Licence applications - What will ASIC require and how do we apply?
• Keeping a licence - What must be done to remain licensed?

Tim Donahoo, Compliance and Corporate Standards Manager, Mortgage Choice

5:00 Close of Day One

Conference Day Two: Thursday April 22nd 2010

8:30 Registration and Coffee

9:00 Opening Remarks from the Chair:

Calvert Duffy, Executive Director - Governance & Administration, Mortgage and Finance Association of Australia

9:05 The Consumer Perspective on National Consumer Credit Reforms

• The history: what have been the failures in the banking and finance sector that have led to consumer credit reforms?
• Discuss problems with particular products such as low doc and non-conforming (sub-prime) loans
• Examine the objectives of the NCCP reforms: What are the end benefits for consumers and what can they expect to see from banks and finance brokers?

Karen Cox, Coordinator, Consumer Credit Legal Centre (NSW)

9:50 The Impact of EDR Reforms on Lending Practices

• Scrutinise the most significant aspects of ASIC’s Regulatory Guides on dispute resolution processes
• What can you expect from external dispute resolution (EDR) schemes under the new National Consumer Credit Reform legislation?
• Examine how EDR schemes will deal with applications for financial hardship relief
• Discuss how you can avoid having to refund default fees and legal costs

Raj Venga, CEO and Ombudsman, Credit Ombudsman Service Limited (COSL)

10:35 Morning Tea & Networking

11:00 Managing Your Compliance Risks In Relation To Privacy And Spam Laws

• Discuss the progress of the implementation of privacy law reforms
• Update on recent enforcement activity relating to breaches of the Spam Act
• Creating spam and privacy awareness across your organisation
• Reviewing standards in your organisation for the collection, use, storage and disclosure of information
• Minimising risks when outsourcing activities to third parties

Graeme Alexander, Head of Compliance and Ethics, American Express

11:45 Case Study: Managing Regulatory Change in an Ever Changing Regulatory Landscape

• Analyse the NCCP and unfair contract terms compliance program
• Discuss how the organisation manages regulatory change
• Examine the impact of policy reforms on credit decision making processes & systems and risk management
• Scrutinise changes to the third party distribution model, including impacts on dealings with mortgage intermediaries, community banks and alliance partners

Patricia Pirone, Corporate Lawyer, Bendigo and Adelaide Bank

12:30 Lunch

1:30 Unfair Contract Terms and Unconscionable Conduct Reforms in the Trade Practices Act

• Reviewing existing contracts to ensure compliance with unfair contract term provisions in the Australian Consumer Law reforms
• Translating legalities into common English terms that consumers understand
• Demonstrating contract terms and conditions are appropriate and reasonable and will not be found ‘unfair’, particularly fees and charges
• Outline changes to section 51AB of the TPA regarding unconscionable conduct, and implications for lending practices
• Protecting your business: avoid penalties through effective disclosure practices and sales training
• Discuss the ACCC’s new enforcement and surveillance powers

Jon Denovan, Partner, Gadens

2:15 The New Rules for Credit Providers Under the Personal Property Securities Act

• Understanding the new rules under the Personal Property Securities Act and its impact on the securing of payment obligations
• Discuss how the new legislation will impact credit approval processes
• Amend documents and procedures in line with new regulations
• Analyse types of securities impacted by PPS rules, including fixed and floating charges, and charges over deposits

Mark Poczman, Partner, Piper Alderman

3:00 Afternoon Tea & Networking

3:30 Bankruptcy Act Reforms & Issues Regarding Personal Insolvency

• Update on the Bankruptcy Legislation Amendment Bill 2009: what’s in, what’s out, and what is likely to be passed by Parliament?
• Review recent case law affecting property and bankrupt’s rights:

o Assignment of debts and rights of appeal under section 160 of the Bankruptcy Act
o Duties of a trustee in bankruptcy

Sally Nash, Principal, Sally & Co Lawyers

4:15 Panel Discussion
The Challenge of Implementing Multiple Pieces of Legislation Impacting Credit Law

• Discuss the timeline for implementing policy reforms for unfair contract terms, responsible lending, licensing, the Personal Property Securities Bill and other legislation impacting credit practices
• Minimising the administrative burden and compliance process overlap for various legislation
• Limiting the stress on key resources, systems and staff impacted by legislative reform
• Drawing up plans for business units affected by upcoming legislative reform

Chair:

Jon Denovan, Partner, Gadens

Panellists:

Ross Anderson, Programme Director Major Regulatory Reform, Commmonwealth Bank of Australia
Jeff Davis, Head Counsel Group Legal, Rabobank
Brooke Pietsch, Senior Manager Compliance, AMP Financial Services, AMP
Peter White, Managing Director, Finance Brokers Association of Australia
Andrea Beatty, Partner, HWL Ebsworth Lawyers
Bruce Mackie, Manager Legal and Corporate Affairs, Greater Building Society

5:00 Close of Conference

Workshop Agenda

Friday 23rd April 2010

WORKSHOP A - 9:00-12:30

Compliance Training For the Australian Consumer Law (ACL) and National Consumer Credit Reforms

• Identifying who requires compliance training within your organisation for responsible lending and new ACL requirements
• Simplifying compliance dialogue so that it is accessible to all areas of your organisation
• Ensuring that your employees and representatives receive up-to-date and continuing compliance training on relevant legislative changes
• Implementing effective systems for accurate reporting and disclosure
• Getting value from your compliance training programs

Mei Ling Perry, Director, Know Compliance and Rikki Zubar, Senior Consultant, Know Compliance

12:30 Lunch will be provided for delegates who attend both workshops

WORKSHOP B - 1:30-5:00

Reviewing Commercial Arrangements With Third Parties

• Determining whether third parties will need to be appointed as a rep or whether they will need their own license
• Examine how new regulation will impact the chain of participants involved in making a credit assessment, including advisors, service providers and brokers
• Amend agreements in line with National Consumer Credit reform requirements
• Communicate plan internally and with third parties

David Carter, Partner, Dibbs Barker

Pricing
(must register & pay by dates listed)