Financial Services & Credit

A sector used to upheaval, financial services is experiencing a time of unprecedented change.  The effects of the challenging and confronting Hayne Royal Commission are already being felt. It’s after effects will changes which redefine its paradigm.  When this is combined with the mandate for active intervention by ASIC, APRA and the ACCC, as an industry participant or as a consumer, you are facing an increasingly complex and riskier terrain.

Mackay Lawyers & Advisors is a full-service financial services practice.  Our senior lawyers have together more than 25 years’ experience at the forefront of financial services and consumer credit – expertise spanning advisory and transactional services through to specialist skills in regulatory actions and interventions, and investment and financial services and credit disputes. 

This puts us in a unique position to deliver services to all parts of your financial services business or start-up: from its conception to divestment of your business, through all events and stages, responding to and managing every risk.  Our advisory and transactional work benefits from the unique perspective of understanding what counts when things go wrong.  Our dispute and regulatory services are informed by an in-depth understanding of your business, the industry and the regulatory landscape.

At one end, we regularly advise on/assist clients with:

  • ­Establishing financial services businesses and structuring

  • ­Financial product development and structuring

  • ­Australian Financial Services and credit licensing and compliance

  • ­Application of financial services laws including general obligations, conflicted remuneration, best interests, marketing and consumer protection provisions

  • ­Fundraising in relation to financial services (‘Chapter 7’)

  • ­­Authorisations, authorised representative and credit representative agreements and arrangements

  • ­Professional indemnity insurance and claims

  • ­­   Risk related business sale and business transfer issues including warranties, indemnities, legal and risk due diligence and potential post completion issues.

At the other end, we specialise in:

  • Complex financial services disputes

  • Representing clients subject to regulatory action by ASIC

  • Resolving consumer complaints against financial services providers

Our lawyers have acted in and advised on many of the most significant and complex financial services disputes since the onset of the GFC.  In this time, we have helped our clients protect the value of assets or investments in distress, at risk and/or all but lost.  Our lawyers have worked in both regulatory roles at ASIC and represented financial services professionals in regulatory and enforcement actions taken by ASIC. 

We have an extensive track record acting for consumers, in courts and external dispute resolutions regimes such as the Financial Ombudsman Service and Credit and Investments Ombudsman.  Our lawyers have also acted for Australia’s ‘Big Four’ banks and its prominent financial institutions.

Drawing upon our experience acting for a range of stakeholders in the financial services industry, we use our extensive range of industry contacts to resolve disputes and reach mutually agreeable outcomes.  Where this cannot be achieved, we represent our clients’ interests tenaciously.