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Company Director Update
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We have added 2 new pages to our Company law resources:
there is a short article about directors penalty notices and the need to act quickly and a note on the grounds for automatic disqualification of a director.

 
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On-line Privacy Tips
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The Privacy Commissioner has recommended 5 steps to better on-line privacy:
1. Only conduct business, visit sites or become involved with web sites that have adequate privacy policies that cover at least:

To whom your information will be passed onto
Why the information is being collected
How the information will be used
How you can access information the organisation holds about you

2. Install and use privacy enhancing software

3. Opt out of all further contact with the organisation when filling in forms unless you know you want to be in further contact with it

4. Only give as much personal information as you are comfortable with

5. Use an on-line identity and free email service to protect against giving out your details to spammers

 
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Banking and Financial Services Ombudsman Annual Report
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The 2002/03 Annual Report of the Banking and Financial Services Ombudsman (BFSO) shows that the number of disputes referred to the Ombudsman has decreased for the first time in many years.

However the ombudsman Mr Neave said while the fall in disputes was pleasing, there was still cause for concern that banks often only responded to complaints after intervention by the Ombudsman's office.

"The number of cases dealt with by the Scheme in the year to 30 June 2003 shows that the number of new cases received declined by 13.3 per cent," Mr Neave said.

"This decline in disputes indicates that banks themselves are dealing more effectively with their customers and taking steps to avoid escalation of disputes which require assistance from our office.

"However, during the year in review BFSO officers still answered a total of 44,304 calls, and received a total of 6,930 written complaints.

"These figures clearly indicate that more work still needs to be done by the banks to promote their internal dispute resolution mechanisms.

Mr Neave said the Scheme is able to admit non-bank members but the Annual Report just released covers the performance of banks only.

"In August 2003 the members of the Scheme approved a major change to the constitution of the Australian Banking Industry Ombudsman Scheme to enable non-banks to become members," he said.

"The name has been changed to the Banking and Financial Services Ombudsman which reflects the broader potential membership base and the fact that most Scheme members see themselves as not only providing banking services but broader financial services."

"During the year in review a total of 5,074 cases were considered to be within the Terms of Reference. Of these 87 per cent were resolved promptly after referral to the bank, and without significant involvement by BFSO.

"Despite the overall reduction in the number of cases closed this year, the number of closed investigations was 733, only six fewer than last year."

Mr Neave said disputes about consumer finance (29%), housing finance (21%) and deposit accounts (18%) represented the majority of cases received by the Scheme during the year in review.

Download a copy of the Latest Annual Report

 
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Queensland State Coroner
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The Coroners Act 2003 puts in place the most significant changes to the Queensland coronial system since the implementation of the Coroners Act 1958. As well as refining and centralising the coronial system, the Act provides significant new powers of investigation. Our article reviews the new Act.

 
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Privacy and financial advisers
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Question: I am a financial adviser (authorised representative) acting for a dealer group ('A'). I am considering transferring to another dealer group ('B'). What are the key privacy obligations towards clients to whom I provide advice?

The Office of the Federal Privacy Commissioner has released a Frequently Asked Question (FAQ) regarding the privacy obligations that financial advisors have when they choose to transfer between financial dealer groups.

"Customers wishes must come first when financial advisers consider what to do with clients' personal information when the advisers move from one financial dealer group to another," said Federal Privacy Commissioner, Malcolm Crompton.

"It's very important to ensure that clients (the individual receiving advice) know what is happening with their personal information and that they are given a clear and up-front choice about what they want done with their personal information.

 
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New Model Direct Marketing Code
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Telemarketers will be prohibited from cold calling on Sundays and national public holidays under amendments to the Direct Marketing Model Code of Conduct.

Direct marketers would also be prohibited from sending commercial e-mails to consumers without their consent unless they had an existing relationship with the consumer.

When contacting consumers, direct marketers will be required to:

identify themselves and the direct marketer they represent;

state their purpose, and if calling from outside Australia, identify the country;

not state that they are undertaking market research when their purpose is a commercial one; and

provide details of the source from which the consumer's personal information was obtained if a consumer requests this.

The changes are among 14 recommended by a working party of senior Australian and State government officers who reviewed the Model Code for the Ministerial Council on Consumer Affairs (MCCA) and expected to be adopted by the majority of direct marketers across Australia.

The Code was introduced in 1997 and adopted by the Australian Direct Marketing Association ADMA), which represents over 500 member organisations and reportedly covers more than 80 per cent of the industry.

The Model Code is a voluntary statement of best practice for the direct marketing industry.

Download the Review Paper and the new Direct Marketing Model Code of Practice