find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Penalty increases 100-fold

Penalty increases 100-fold

THE PENALTY for unlawfully carrying on business as a finance broker increased 100-fold from $500 to $50,000 in Western Australia, as of October 31.The change was one of a set of amendments to…

THE PENALTY for unlawfully carrying on business as a finance broker increased 100-fold from $500 to $50,000 in Western Australia, as of October 31.

The change was one of a set of amendments to the WA Finance Brokers Control Act, which included: the abolition of the Finance Brokers’ Supervisory Board, to be replaced with a Commissioner (initially the Commissioner for Fair Trading); appointment of officers of the Department of Fair Trading to investigate complaints; discipline of finance brokers to come under the jurisdiction of the State Administrative Tribunal.

Gadens Lawyers partner John Denovan, an expert on finance regulation who had monitored the legislative developments, said that although 31 October had been mooted as the commencement date for the amendments, the finance industry had assumed another date would be set due to a lack of communication “for many months”.

In response to a request for clarification of certain amendments from Denovan, Minister for Consumer and Employment Protection, John Kobelke, responded that he recognised the problems businesses would face in complying with the new regulatory regime.

He confirmed that during the transition period the Department was not expected to take action against those who might be affected, especially where an exemption was being considered. Denovan said brokers and finance managers who might be affected by the amendments could take comfort from that response.

The Department had called for submissions on the changes from industry associations and Kebolke also indicated that exemption applications would be dealt with as quickly as possible.

An exemption for ‘up the line’ operators, among others, could be considered. Amendments to the Act also include a broadening of the definition of finance broker to include mortgage bankers and the removal of the need for a finance broker to hold a business certificate.

Denovan said the Code of Conduct for finance brokers in Western Australia was also being revised, and was still under consideration.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Penalty increases 100-fold
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...