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Law Adi & Apra Essay

2107 words - 9 pages

QUESTION 1

a)
Having the license for APRA (Australian Prudential Regulation Authority), Victoria bank is an authorised deposit taking institution (ADI). Been a part of APRA, which is needed to operate as a bank legally in Australia, it gives Victoria Bank the licence to undertake ‘business of banking’ which is defined in the Banking Act 1959. This shows that Victoria bank has fulfilled the ADI application requirements including sufficient start-up capital, ownership, sufficient risk management and internal control system, information and accounting system, and fulfilment developments.

Addition to APRA, according to corporation act 2001, Victoria Bank also needs to have an AFSL, ...view middle of the document...

Together with that, the Australian Securities and Investments Commission Act 2001 (ASICA) and the Australian Consumer Law (ACL) protects clients from inequitable contracts. According to part 2-3 of the ACL, the contract will be void, if the following terms are found in Trent Lee’s contract. Victoria bank should ensure that is not unfair and that it refers to ACL section 24 and the ASICA section 12BG, which outlines, “it would cause a significant imbalance in the parties’ rights and obligations arising under the contract”, “it is not reasonably necessary in order to protect the interest of the party who would be advantaged by the term” and “it would cause detriment (whether financial or otherwise) to a party if it were to be applied or relied on.” . On top of Australian Consumer Law and ASICA Victoria Bank would also have to follow the Code of Banking Practice, setting standards to let them fairly and effectively function. Adopting the codes. Victoria Bank will “work towards improving the standards of practice and service in the banking industry”, disclosing terms and conditions, interest rates and fees, credit cards service fees, and different account procedures. Along side with Privacy Act of 1988 and the Code of banking practice the common law case of Tournier v National Provincial Union Bank of England, is what Code of Banking Practice recaps, giving Victoria bank guidelines on what to disclose pre-contracts.

Trent Lee, operating as a sole trader, he will be trading, controlling and managing the business and is legally accountable for all features of the business himself (having no legal entity). If he was to incorporate the business in the future, meaning a voluntary, inexpensive way to create legal entity and “are not-for-profit organisations, registered by the Office of Consumer Affairs and Fair Trading under the Associations Incorporation Act 1964”, he will have the right for protections of personal assets, have the right for lower taxes, and the orginisation could have its own credit rating.

Having to open a personal savings account, with Internet banking, one major industry code that would be favorably recommended to all banks by ASIC is the e-payments code, which “plays an important role in the regulation of electronic payment facilities in Australia.” . The code has numerous essentials, the most vital being to “give consumers clear and ambiguous terms and conditions” and “stipulate how terms and conditions change”. Also establishing “rules for determining who pays for unauthorised transactions”, and “a regime for recovering mistaken internet payments.”. By acknowledging the codes of Banking Practice and e-payments code it will give the consumer (Trent Lee) more banking rights and protection.

A credit card is an unsecured credit, not holding a security over borrowers assets. A credit card “terms included promises by creditor to provided credit and debtor to repay the debt (possibly with interest)” The Creditor “can only...

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