HDY Submissions to ASIC regarding Consultation Paper 247

4 March 2016

In December 2015, ASIC released Consultation Paper 247: Client review and remediation programs and update to record-keeping requirements. The Consultation Paper proposes guidance on client review and remediation programs conducted by Australian financial services licence holders (Licensees) that provide personal advice. Read our past Insight here for more information.

HDY's market leading Regulatory Risk + Strategy team provided submissions to ASIC regarding Consultation Paper 247. Please click here to read our submission. 

Our Regulatory Risk + Strategy team has experience advising Licensees on regulatory issues and responses. Over the last two years, our lawyers have worked within Licensee regulatory teams, including within some of Australia's largest financial institutions. We welcome ASIC's Consultation Paper and the opportunity to provide feedback based on our experiences.

Claudine Salameh Partner

Claudine has over 15 years' experience dealing with legal issues in the financial services sector.

She is a banking and insolvency litigator and regulatory expert. She acts for the major Australian financial institutions in matters involving customer disputes and litigation, fraud, regulatory and compliance issues, regulatory investigations, inquiries and enforcement matters, security enforcement and insolvency litigation. She also acts for insolvency practitioners in formal receiverships, voluntary administrations and liquidations.

Claudine is well known for her ability to manage risks posed by litigation and regulatory inquiries and investigations. She is particularly attuned to reputational and business risks. She is highly strategic and creative and is recognised by her clients for being able to achieve the perfect balance between legal arguments and commercial and practical outcomes.

Claudine has been instrumental in working with clients to provide insights into the field of behavioural economics, which over the past few years, has been of interest to policy makers and regulators as a tool to engage in 'choice architecture'. On a practical level, Claudine has worked closely with clients to design approaches to customer engagement that make use of behavioural insights.   

Claudine is an expert in the conduct of review and remediation programs and provided assistance to the regulator, by way of submissions and her involvement in an industry working group, on ASIC's regulatory guide on review and remediation programs.

Claudine is very familiar with ASIC's powers to obtain documents and information from financial institutions and is called upon by financial institutions to provide assistance in these matters. She has a style that is conducive to having a fruitful dialogue with both the regulator and the various stakeholders within a financial institution.

see my profile