by Dr. Andrew D. Schmulow
The International Review of Financial Consumers, Vol. 5, 2020, pp: 1-11.
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by Dr. Andrew D. Schmulow, Dore Virginia, Reardon Jacob & Hanna William
Law and Financial Markets Review, Vol. 14, no. 4, 2020, pp: 1-22.
This paper traces the establishment of the new Australian Financial Complaints Authority (AFCA). It places this development within the wider context of what we argue is an important new adjunct to the Australian financial regulatory architecture, and by implication therefore, the international significance of these reforms to countries that have adopted the Australian “Twin Peaks” model. By reference to the Ramsay Review and other sources, we include analysis of AFCA’s forerunners, and their failures; and we include comparative analysis from other jurisdictions. We provide analysis of AFCA’s strengths and potential weaknesses, and some initial data on AFCA outcomes. Finally, we provide concluding remarks on these reforms.
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Godwin, A. & A. Schmulow Contributors, “National Treasury, Republic of South Africa, Documents for Public Comments – 2nd Draft Financial Sector Regulation Bill, Vol. 1, Financial Sector Regulation Bill, Comments Received on the First Draft Bill“, published by National Treasury for Comments in December, Pretoria, South Africa, December 2014,
Schmulow, A., “The South African Regulatory Perspective. An ‘as is’ situational review at the FSCA and 3rd party sources“, in CGAP Customer Outcomes Indicator Project, Consultative Group to Assist the Poor (CGAP), published by Consultative Group to Assist the Poor, 29 April 2020, pp 68.
Schmulow, A. D., “Submission to the Financial System Inquiry, Regarding the Financial Claims Scheme“, in Consultation and submissions, Financial System Inquiry, ‘Second round submissions, N-Z’, 25 August, 2014, published by Commonwealth of Australia, 2015,
Schmulow, A. D., “Life Insurance: a discussion paper“, in The New Zealand Law Commission, no. Preliminary Paper 53, report number: NZLC PP 53, published by The New Zealand Law Commission, Wellington, New Zealand, December 2003, ISBN: 1-877187-98-4,
by Dr. Andrew D. Schmulow and Dr. Andrew J. Godwin, eds
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by Dr. Andrew D. Schmulow, Dr. Andrew J. Godwin and I. Ramsay
in The Cambridge Handbook of Twin Peaks Financial Regulation, edited by Andrew D. Schmulow & Andrew J. Godwin, published by Cambridge University Press, Cambridge, UK, 2020.
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by Dr. Andrew D. Schmulow and Dr. Andrew J. Godwin
In “The Cambridge Handbook of Twin Peaks Financial Regulation”, edited by Andrew D. Schmulow & Andrew J. Godwin, published by Cambridge University Press, Cambridge, UK, 2020.
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by Dr. Andrew D. Schmulow
In “International Commercial Secured Transactions”, edited by David Franklin & Steven A Harms, published by Carswell Publishers, Montreal, Canada, 2010
1) What is a Secured Transaction
A secured loan is a method of providing security to a lender in the form of a personal legal right, by providing the lender with an interest in the borrower’s assets. An unsecured loan provides the lender has no standing against the borrower’s property and only has rights to repayment of the loan against the borrower personally. If the borrower has insufficient funds to repay the loan a secured lender can enforce their security to gain priority for payment over unsecured creditors. Security may take the form of a proprietary interest (mortgages, hire-purchase, charges) others take the form of possession (pledges, pawns and liens). Secured transactions total approximately 7.3 million transactions annually in Australia, of which 96% involve motor vehicles. A charge provides security to the lender without the borrower relinquishing ownership or possession. These may take the form of either a fixed or a floating charge. IN the case of a floating charge where the borrower is in default the floating charge “crystallises” at the moment of default and becomes a fixed charge. Hire-purchase provides the option to the hirer to buy the goods. The hirer retains possession but the lender retains ownership until the goods are paid for in full. The hirer has the option to return the goods and may chose not to buy the goods.
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by Dr. Andrew D. Schmulow and James O’hara
In “An International Comparison of Financial Consumer Protection”, edited by Tsai-Jyh Chen, published by Springer Press, Singapore, 2018, pp 13-49.
I FINANCIAL CONSUMERS IN AUSTRALIA
(a) Legal Meaning of Financial Consumer
Financial consumers are defined by s 12BC of the ASIC Act worth less than AUD 40,000.00, or if worth more, then ‘of a kind ordinarily acquired for personal, domestic or household use or consumption’; or if the services are for use or consumption in connection with a small business, and cost more than AUD 40,000.00, ordinarily acquired for business use or consumption.
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by Dr. Andrew D. Schmulow
Paper presented at the 2015 Global Financial Consumer Forum (2015 Annual Conference of the IAFICO), Jeju National University, South Korea, 2015.
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by Dr. Andrew D. Schmulow
Paper presented at the 2016 Global Forum for Financial Consumers (2016 Annual Conference of the IAFICO), SungKyunKwan University, Seoul, South Korea, 2016.
This article provides an analysis of the Australian ‘Twin Peaks’ model of financial system regulation. It does so by examining the theoretical underpinnings of Twin Peaks, and investigates the crucial question of the jurisdictional location of the prudential regulator. This includes a description of how Twin Peaks functions and its strengths and weaknesses. The article argues that while Twin Peaks is the best solution to the problem of regulating for financial system stability and consumer protection, it is nonetheless imperfect to the task, and susceptible to failures.
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