Harmonising Australia s credit law regime a brave new world for industr y ef ficiencies and consumer confidence

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1 Early bird expires 21 August 2009* 19th Annual LexisNexis credit law conference Harmonising Australia s credit law regime a brave new world for industr y ef ficiencies and consumer confidence 30 September October 2009 Peppers Salt Resort and Spa, Kingscliff NSW Key benefits: Connect with the outstanding speaker faculty from industry stakeholders: ASIC, Treasury, major law firms and finance industry Your complete guide to becoming licensed under the new credit law regime Engage in discussion about responsible lending, privacy and consumer issues Avoid breaches of unfair contracts provisions with confidence Ensure organisational compliance under the new reforms Expert speakers include: Andrew Smith, Senior Executive Leader, Credit Taskforce, ASIC Geoff Miller, General Manager, Corporations and Financial Services, Department of the Treasury Andrea Beatty, Partner, Mallesons Stephen Jaques Katherine Forrest, Partner, Mallesons Stephen Jaques Justi Roseman, Senior Associate, Blake Dawson Ian Gilbert, Director, The Australian Bankers Association Inc Philip Field, Ombudsman, Banking and Finance and Mutuals, Financial Ombudsman Service Phil Naylor, Chief Executive Officer, Mortgage & Finance Association of Australia Randal Dennings, Partner, Clayton Utz Mark Sneddon, Partner, Clayton Utz Catherine Parr, Partner, Allens Arthur Robinson And many more industry experts Register today! Phone or Endorsed by: Product of:

2 19th Annual LexisNexis credit law conference Harmonising Australia s credit law regime a brave new world for industry efficiencies and consumer confidence 30 September October 2009 Peppers Salt Resort and Spa, Kingscliff NSW This is the best consumer credit conference in Australia and the only one I attend regularly. 18th Annual Credit Law Conference delegate (2008) THE credit law conference of the year Mark Kerr, HSBC Bank of Australia Limited and 2008 delegate A conference that has been added to my MUST ATTEND list Calvert Duffy, Mortgage & Finance Association of Australia and 2008 delegate Dear Delegate, The consumer credit industry is as dynamic as ever with changes forecast in wide ranging areas including national regulation of credit, personal property securities, the Review of Australian Privacy Law and self regulation. Now in its 19th year, the LexisNexis Credit Law Conference is pleased to be hosting this prestigious industry event at the Peppers Salt Resort and Spa, Kingscliff, NSW. This year s programme will provide you with a wealth of exciting and engaging speakers, and returns from in demand favourites. Expect this year s conference to surpass all previous conferences in terms of value, variety, subject matter, speakers and engaging discussion. We are pleased to welcome back some of our perennial favourites as well as in-house counsel, law firm partners, consumer law advocates, industry associations and ASIC executives. Delegates will benefit from a variety of expert perspectives on wide ranging issues affecting their industry. Included in the programme are valuable networking opportunities for delegates and speakers, so register your interest to participate in the most anticipated industry forum on credit law for 2009 in Australia. We encourage you to bring along your partner and family so that they can take advantage of the spa and local activities. We look forward to seeing you at the 19th Annual Credit Law Conference at the Peppers Salt Resort and Spa. Kind regards, The LexisNexis Professional Development Team Who should attend Lawyers specialising in financial services, banking and consumer credit Corporate lawyers and legal counsel from the banking and finance industry Consumer advocates Compliance managers and executives Loan managers Finance companies Credit unions Friendly societies Mortgage originators Finance brokers and other consumer credit providers You will be in good company Last years delegates included senior representatives from: ASIC Clayton Utz GE Money National Australia Bank ANZ Commonwealth Bank Dibbs Barker Fair Trading Policy Branch NSW Teachers Credit Union Leading Edge Group Westpac Exciting sponsorship and exhibitor opportunities are available call or download a sponsorship proposal at To register now ph: or fax: or visit:

3 Programme at a glance Pre-conference workshop 30 September 2009 Registration and licensing under the national consumer credit regime Conference day one 30 September 2009 Keynote address Australia s new consumer credit framework: protecting consumers and cutting red-tape Reforms and developments in consumer credit law ASIC overview activities in retail banking, financial services and credit Conference day two 1 October 2009 Licensing under the NCCP Applying general credit law principles to margin lending Practical issues relating to the new responsible lending requirements Key issues in Phase 2 of credit law reform Reform of privacy and its impact on financial services Using credit reporting obligations to help drive responsible lending Common law issues for credit reporting EFT Code Review Code of Banking Practice review Commercial aspects in applying the EFT Code Conference day three 2 October 2009 Ensuring your organisation s contract drafting, offer and management processes comply with the NCCP and the Australian Consumer Law rules on unfair terms Case study Managing compliance within the organisation Benefits to the credit consumer under the NCCP - External Dispute Resolution scheme and consumer credit education Personal Property Securities Act applied to credit transactions Reviewing reform impacts from the consumer perspective Complying with the new obligations and duties of finance and mortgage brokers

4 DAY ONE Wednesday, 30 September th Annual LexisNexis credit law conference Harmonising Australia s credit law regime a brave new world for industry efficiencies and consumer confidence 30 September October 2009 Peppers Salt Resort and Spa, Kingscliff NSW 9:30 Workshop registration Pre-conference workshop 10:00 Registration and licensing under the national consumer credit regime Including morning tea Responsible lending and licensing Impacts of the new regime on your Australian Credit Licence Who needs to be licensed? Who does not need to be licensed? When will a credit representative authority be appropriate? What are the regulated activities? What kinds of credit will not be regulated under Phase 1? Applying for your Australian Credit Licence (between 1 January 2010 and 30 June 2010). What recourse is available if a licence is refused? The role of pending applications to State and Territory regimes Andrew Smith, Senior Executive Leader, Credit Taskforce, ASIC Greg Kirk, Senior Executive Leader, Deposit Takers, Credit and Insurance Providers, ASIC Andrea Beatty, Partner, Mallesons Stephen Jaques James Moore, Special Counsel, Mallesons Stephen Jaques 12:30 Networking lunch for workshop speakers and delegates 1:00 Conference registration 1.20 Opening remarks from Chair: Andrew Smith, Senior Executive Leader, Credit Taskforce, ASIC 1:30 Keynote: Australia s new consumer credit framework: protecting consumers and cutting red-tape Speaker to be confirmed 2:15 Reforms and developments in consumer credit law The year in review what s next? Commonwealth regulation of consumer credit under the National Consumer Credit Action Plan an overview Consumer credit: implementing the first phase of changes o Lending with confidence under the new licensing scheme o Effective consumer disclosure o Continuing role of State and Territory legislation o Impact of unfair contract terms regime ASIC s approach to implementing credit reforms Phase 2 reforms timetable and focus Margin lending overview of new requirements Looking to other changes on the horizon predictions for the next twelve months Snapshot of impending regulatory changes Andrea Beatty, Partner, Mallesons Stephen Jaques with Andrew Smith, Senior Executive Leader, Credit Taskforce, ASIC 4:00 Afternoon tea Lexis Visualfiles Corporate Counsel Lexis Visualfiles corporate counsel solution increases efficiency, productivity and minimises risks through a matter management and reporting system that is quick to deploy and easy-to-use, specifically designed for in-house legal teams. For more information and an online demonstration visit 4:15 ASIC overview activities in retail banking, financial services and credit ASIC s priorities: working to protect retail investors in the financial economy The GFC - exercising ASIC s existing credit jurisdiction to manage problems caused by the downturn Reviewing the marketing of deposit products: misleading or deceptive credit advertising and marketing campaigns Developing and consolidating ASIC s indigenous outreach program Greg Kirk, Senior Executive Leader, Deposit Takers, Credit and Insurance Providers, ASIC 5:00 Day 1 close and networking drinks Claim CPD/CLE points with all LexisNexis Professional Development events

5 DAY TWO Thursday, 1 October :45 Conference registration 8:50 Opening remarks from Chair Andrea Beatty, Partner, Mallesons Stephen Jaques 9:00 Licensing under the NCCP An overview o An online streamlined process o Registration: 1 November to 31 December 2009 inclusive o Licensing: registered credit participants to apply for a licence from 1 Jan to 30 June 2010 Requirements: o Competency and training requirements o Compensation and professional indemnity o Financial requirements Information and support Extending the scope of credit products covered by the UCCC to regulate the provision of consumer mortgages over residential investment properties Scope of vicarious liabilities of licensee for credit representatives - a registered person or a licensee can authorise third parties to engage in credit activities on their behalf, without these persons having to hold a licence in their own right Considering insurance and prudential aspects for credit providers under the new regime is mandatory insurance likely to be introduced? Reporting to ASIC by licensee of breaches Catherine Parr, Partner, Allens Arthur Robinson with Andrew Smith, Senior Executive Leader, Credit Taskforce, ASIC 10:00 Applying general credit law principles to margin lending Overview of the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 (FSM Bill) and how this applies to credit providers When will the FSM regime apply - what is a margin loan facility? Examining the additional rules which apply to a credit provider as an AFSL holder What are the additional duties and obligations of an AFSL holder? o Duty to self report o Duty to act honestly, fairly and efficiently o Duty to have adequate arrangements to manage conflicts of interest When do credit providers need to give a FSG or a SOA? Complying with additional administrative/compliance requirements imposed on credit providers will have to meet Alison Wheatley, Senior Associate, Freehills 10:45 Morning tea 11:00 Panel discussion Practical issues relating to the new responsible lending requirements and the new NCC forms and scope Introduction to the responsible lending requirements Analysing the elements of responsible lending o The proposed credit contract will not be unsuitable for the consumer, having regard to the consumer s circumstances and objectives; and o The consumer has the capacity to meet their financial obligations under the proposed credit contract without substantial hardship o The licensee must take reasonable steps to verify information provided by a customer o The difference between the new assessment required under the NCCP, and a credit provider s existing credit assessment o The risk based approach Examining the range of providers and consumers to which the responsible lending requirements apply Practical issues associated with applying the responsible lending test at different points in time - o Preliminary assessments o Full assessments o Multiple assessments How could the responsible lending requirements be changed to make them work better for both the industry and consumers? Practical issues relating to the new NCC forms and NCC extension into investment property lending Justi Roseman, Senior Associate, Blake Dawson with Phil Trinca, Partner, Blake Dawson with Michael Funston, Senior Lawyer & Manager, Abacus Legal, Abacus - Australian Mutuals with Catherine Uhr, Senior Solicitor/Consumer Advocate, Civil Justice (Consumer Protection), Legal Aid Queensland 12:15 Networking lunch for speakers and delegates 1:15 But wait: there s more! Key issues in Phase 2 of credit reform Extending the Code - and all of the reforms - to small business and other investment loans o How to define small business? o Assessment of suitability in a business or investment context (eg asset finance, residential property securities) o Interaction with unfair contract terms proposals o disclosure - what is appropriate and practical in a business environment o hardship and default provisions Additional conduct enhancements - credit cards, credit limit extensions Pricing and disclosure - comparison rate review, caps on APRs Other state projects - eg streamlining pre-contractual disclosure, reverse mortgage regulation and disclosure Interaction with the Code of Banking Practice Financial literacy proposals Other current issues Katherine Forrest, Partner, Mallesons Stephen Jaques Geoff Miller, General Manager, Corporations and Financial Services, Department of the Treasury To register now ph: or fax: or visit:

6 2:30 Reform of privacy and its impact on financial services ALRC recommendations on reform of privacy and credit reporting Update on the Government s consideration of the recommendations Where to next? Joan Sheedy, Assistant Secretary, Privacy & FOI Policy Branch, Prime Minister & Cabinet 3:10 Using credit reporting obligations to help drive responsible lending Reviewing credit reporting regulations Examining the draft Code of Conduct Industry rules for data sharing Using new credit reporting in responsible lending obligations Regulation of entities permitted to gather and distribute information Managing the multiple compliance challenge responsible lending, consumer laws, privacy and credit reporting Chris Gration, Head of External Relations and Compliance, Veda Advantage 3:50 Afternoon tea 4:05 Common law issues for credit reporting Class actions: implications of Dale v Veda Advantage Information Services and Solutions Limited [2009] FCA 305 Lindgren J, 1 April 2009 What does the Federal Court decision mean for credit providers and credit reporting agencies? What are the lessons as we move to a new credit reporting structure and a revised Privacy Act in the post ALRC reform environment? Olga Ganopolsky, Head of Legal - Compliance & Regulatory, Veda Advantage 4:35 EFT Code Review Status of the Electronic Funds Transfer Code of Conduct o Regulatory environment risk, privacy and disclosure, consumer protection o What is legal recourse for consumers for breach of the EFT Code? Delia Rickard, Senior Executive Leader, Consumers and Retail Investors, ASIC 5:20 Code of Banking Practice review Some key issues in the Review: o Responsible lending o Financial hardship o Commercial asset financing guarantees o Code Compliance Monitoring Committee (CCMC) and Financial Ombudsman Service (FOS) o The function and terms of reference of the Code Compliance Monitoring Committee and Investigations of breaches initiated by Financial Ombudsman Service o Fees and charges o Account switching How the new consumer credit laws will impact on the Code s responsible lending provisions o Approving credit o Offering credit limit increases o Suitability of accounts o Dealing with customers in financial hardship Impact of proposed unfair contract terms legislation on Code provisions Interaction between the Banking Code, UCCC, Corporations Act and EFT Code, including the hardship provisions Update on implementation and the future Ian Gilbert, Director, The Australian Bankers Association Inc 6:00 Closing remarks 6:45 Credit Law Chillout Meet poolside for a pre-dinner drink and Sea Breeze BBQ Bistro with your colleagues and guests Then join us at the Jazz Supper Club for wine tasting, dessert and entertainment 4:55 Commercial aspects in applying the EFT Code Changed factors driving reform of the Code o marketplace for electronic payments o extent and nature of online fraud o changes in the regulatory environment Scope and membership Risk allocation - liability for disputed transactions and mistaken payments Other key changes Cameron Ball, Senior Associate, Allens Arthur Robinson To register now ph: or fax: or visit:

7 DAY THREE Friday, 2 October September October 2009 Peppers Salt Resort and Spa, Kingscliff NSW 8:30 Conference registration 8:45 Opening remarks from the Chair: Helen Gordon, Regional Director & Corporate Lawyer, Australian Finance Conference 9:00 Ensuring your organisation s contract drafting, offer and management processes comply with the NCCP and the Australian Consumer Law rules on unfair terms Incorporating NCCP compliance with licence conditions, disclosure requirements and responsible lending into contract drafting, offer and management Examining the types of contracts regulated under the federal unfair contracts law - when is a contract a standard form contract? What constitutes an unfair term? What are likely high risk types of terms for o Loans, consumer leases, mortgages, guarantees o Other financial services contracts Showing detriment or likelihood of detriment to a party Exclusions from the unfair term provisions required or permitted by law Prohibited terms and contraventions of the ACL Who can enforce/bring proceedings? What are the remedies for and consequences of an unfair term or prohibited term? How do the Fair Trading Acts provisions fit with the NCCP and federal unfair terms law? Rollout of compliance audit: o Considering any retrospective effect on existing contracts and enforcement proceedings o Embarking on campaign to develop and disseminate compliant variation notices to existing customers o Recalling non-compliant printed forms o Advising suppliers in relation to sales during transition periods Mark Sneddon, Partner, Clayton Utz with Randal Dennings, Partner, Clayton Utz 12:00 Personal Property Securities Act applied to credit transactions Reviewing the scope of property subject to the PPS PPS exclusions No continued relevance for concepts such as crystallisation Intersections with the Consumer Credit Codes Stakeholders and affected parties Operation of register and registering authority Timetable for implementation Practice and procedure o Types of transactions o Documenting the deal o Perfecting the PPS o Void and voidable transactions Priority rules apply Enforcement of PPS Remedies Craig Wappett, Partner, PiperAlderman 1:00 Networking lunch for speakers and delegates 2:00 Reviewing reform impacts from the consumer perspective Examining how the new reforms will impact consumer issues including: o Credit card interest rates o Fixed rate home loans o Break fees o Transportability o Responsible lending practices from the consumer s perspective o Implementation of hardship provisions by banks Catriona Lowe, Co-Chief Executive Officer, Consumer Action Law Centre with Karen Cox, Coordinator, Consumer Credit Legal Centre (NSW) Inc. 10:00 Case study Managing compliance within the organisation Who will be responsible for implementing requirements under multiple, multi-jurisdictional compliance regimes within organisation? Process and documentation reviews Training and customer education rollouts Dave Watson, Project Director, National Consumer Credit Protection, Personal Banking Risk, National Australia Bank Paul Rogerson, Head of Compliance Group Risk, Westpac Stacey Hester, Head of Legal, Bank of Queensland 11:00 Morning tea 11:15 Benefits to the credit consumer under the NCCP External Dispute Resolution scheme and consumer credit education Streamlining processes and procedures for dealing with Hardship disputes Non-hardship disputes Interaction of EDR and legal proceedings Systemic issues ASIC s consumer and retail investor program o Consumer credit education and outreach program o Transitioning to a national regime o Improvements to external dispute resolution o An increase in claim limits and compensation caps o Helping to limit the expense of litigation increasing access to EDR for consumers and retail Philip Field, Ombudsman, Banking and Finance and Mutuals, Financial Ombudsman Service with Delia Rickard, ACT Regional Commissioner & Deputy Executive Director Consumer Protection, ASIC 2:45 Hot topic Complying with the new obligations and duties of finance and mortgage brokers Electing whether to become a licensee or representative Reviewing your organisational capacity, systems and competence for compliance imbedding proper supervision Training your principals, employees, contractors and agents can you rely on currently accredited training providers? Subparagraph LIC170(1)(h)(i) requirements dispute resolution Section LIC175 requirements alternative approved arrangements Examining the overarching requirement to act efficiently, honestly and fairly Formulating the compliance plan and risk management plan which works in practice What should your credit guide look like? Discussion point: what standards will ASIC apply to licence holders o Will standards prescribed for FSR licensees be imposed how can these be translated to finance and mortgage brokers? o Will standard of conduct be applied in a tiered manner according to proximity to consumer? What should the lawyer advising and supervising licensees tell their clients? David Carter, Partner, Dibbs Barker with Phil Naylor, Chief Executive Officer, Mortgage & Finance Association of Australia 3:45 Closing address 4:00 Close of conference To register now ph: or fax: or visit:

8 A Priority registration form 19th Annual LexisNexis Credit Law Conference Please complete sections A, B, C, D & E Delegate details Mr/Ms/Dr: Position: Organisation: Postal address: Telephone: Fax: First name Last name Suburb Postcode State 4 easy ways to register TAX INVOICE D Event Pricing (please tick your selection) Phone: Fax: (02) Online: Mail: Conference Co-ordinator, LexisNexis Locked Bag 2222, Chatswood Delivery Centre, Chatswood NSW 2067 or: DX Chatswood Conference code: PD7009 ABN: EXAMPLE 2.5 Day Conference only 1 $ GST = $2135 $ or more group booking price (per person) Please Select Options Qty Price Subtotal 2.5 Day Conference + workshop $ GST = $ Day Conference only $ GST = $2135 Early Bird Price (register and pay after before 21 August 2009) 2.5 Day Conference + workshop $ GST = $ Day Conference only $ GST = $2300 B C (required**): CREDIT LAW CHILLOUT All delegate social activities are incorporated in the full conference event pricing, tickets will be provided at the event. 1 day or 1/2 day registrations will need to purchase social tickets if required. I will be attending the Credit Law Chillout Yes No Please indicate any dietary requirements ACCOMMODATION BOOKING To book accommodation please contact the hotel directly and mention reference number to receive your special conference rate. Only a limited number of rooms have been reserved, so book early. Peppers Salt Resort and Spa Bells Boulevard, Kingscliff, NSW 2487 Tel: Fax: GOLD COAST AIRPORT SHUTTLE The closest airport to the resort is the Gold Coast Airport, Pacific Highway, Coolangatta QLD It is approximately 10kms from the resort. To book a preferred shuttle bus provider, contact Bus With Us on Advanced bookings are required. Guest details Tickets will need to be purchased for guests for the Credit Law Chillout, see pricing box. Full name: I will be attending the Credit Law Chillout Please indicate any dietary requirements CONFERENCE RESOURCES I am unable to attend but would like to purchase a set of conference papers for the 19th Annual LexisNexis Credit Law Conference $ GST = $ PLEASE SEND ME MORE INFORMATION ON THE FOLLOWING LEXISNEXIS PUBLICATIONS: Australian Banking and Finance Law Bulletin Financial Services Newsletter Financial Services Looseleaf Yes E Standard Price (register and pay after 21 August 2009) 2.5 Day Conference + workshop $ GST = $ Day Conference only $ GST = $ Day Conference only ^ # $ GST = $1265 Half day Workshop only ^ $650 + GST = $ ^Social Program (for guests and 1 or half day registrations) Credit Law Chillout $ GST = $150 Endorsing Association Member Discounts I claim my 10% discount off the standard price (full program only), as a member of: ABACUS / AFC / FBAA / IFS (please circle) Membership number: I claim my 20% discount off the standard price (full program only), as a member of ACLA Membership number: # Please indicate which day you plan to attend: Day 1 Day 2 Day 3 * Early Bird, team discounts and any other discount cannot be taken concurrently Payment details Payment is due upon registration. This document will be a Tax Invoice/Receipt for GST upon completion of payment. Enclosed is my cheque for: $ Pay by credit card: Please charge $ Mastercard Visa American Express made payable to LexisNexis Card number: / / / Expiry: / Name of cardholder: Signature of cardholder: Charge to my LexisNexis account: $ Account number: Signature: Name of approving manager: to PROGRAM CHANGES Details regarding this conference were confirmed and correct at the time of printing. LexisNexis reserves the right to cancel or amend the conference details at any time if required. CANCELLATION Your registration will be confirmed in writing when full payment has been received. LexisNexis cancellation policy applies as follows. If cancellation is notified in writing: 1. One calendar month or more prior to the first day of event: LexisNexis will refund your registration fee less $ administration cost. 2. Between one calendar month plus one day and 14 days prior to the first day of event: LexisNexis will refund 50% of the fee paid by you and provide you with a copy of event papers days or less prior to the first day of the event: LexisNexis will not refund any part of your fee. However, you may nominate a replacement delegate to attend in your place. IMPORTANT PRIVACY NOTICE: The information you provide on this form is collected by Reed International Books Australia Pty Limited for the purposes of processing your registration or enquiry and keeping you informed of upcoming products, services and events. The information is disclosed from time to time to our related bodies corporate for these purposes. The provision of this information by you is voluntary but if you do not provide some or all of the requested information we may be unable to properly process your registration. You have both a right of access to the personal information we hold about you and to ask us to correct it if it is inaccurate or out of date. Photographs/ audio visual content may be produced at this event and might be used for future LexisNexis Professional Development collateral. Please direct your enquiries to privacy@lexisnexis.com.au Please note, delegate information will be provided to sponsors. Please tick here if you do not want sponsors to receive your information Tick here if you DO NOT wish to receive information about upcoming events Event date & venue 30 September 2 October 2009 Peppers Salt Resort and Spa Bells Boulevard, Kingscliff, NSW 2487 Tel: (02)