Category: Banking and Finance

No Money for JAMS: the High Court lays down the law on unconscionable conduct

In a decision with wide-reaching ramifications for the doctrine of unconscionability in Australia, the High Court in Stubbings v Jams 2 Pty Ltd [2022] HCA 6 comprehensively overturned the decision of the Court of Appeal, finding that lenders had engaged in both general law and statutory unconscionable conduct in their asset-based lending system, and were not redeemed by their ‘window dressing’ advice certificates.

Financial Services Royal Commission Final Report – Key recommendations relating to consumer lending

The Banking Royal Commission was established by the Federal Government in December 2017.  The Federal Government released the Commission’s Final Report on 4 February 2019.  While the Commission has made a number of key recommendations that affect consumer lending, it has resisted making recommendations effecting wholesale change to the banking sector.