Welcome to Issue 92 of our Banking Sector Newsletter.
In this issue, ASIC has published updated guidance on the prohibition of hawking financial products. The reforms mean a person must not offer a financial product to a retail client during unsolicited, real time contact. The changes are aimed at preventing people being sold products they don’t want or need.
Also in this issue, a South Australian man has been convicted and fined over falsifying registrations on the Personal Property Securities Register. The man made false representations against the property of a bankruptcy trustee, a member of the judiciary and a range of public institutions. The man made the registrations not based on business dealings, but as payback against the public figures and institutions he believed had slighted him. In a statement, AFSA noted that where it sees that people are using the PPSR to frustrate others, it will take action.View PDF