<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

Asic

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The barriers faced by consumers when considering financial advice have been highlighted in new research published by the Australian Securities &amp; Investments Commission (ASIC).
The report, titled Financial advice: What consumers really think, presents independent research into consumer experiences of, and attitudes towards, financial advice.
The study analysed an online sample of 2545 people (weighted to reflect the overall population), and focused on the overall use of financial advisers, motivators and barriers to seeking personal advice, and consumer attitudes towards the financial advice industry.
Just 27 per cent of the sample had received financial advice in the past, and only 12 per cent had received advice in the past 12 months.
Managing investments such as shares and managed funds, retirement income planning, growing superannuation, and budgeting or cash flow management, represented the most common reasons for which financial advice was sought. 
‘While Australians believe financial advisers can offer significant expertise on financial matters, our research shows that many don’t seek advice because they are put off by factors such as high costs, significant distrust of the industry and a perception that financial advice is only for the wealthy’ said ASIC commissioner Danielle Press.
The research shows that, while 41 per cent of Australians intend to get personal financial advice in the future, many of them will not proceed because of these perceived barriers.
‘Financial advisers have an important role to play in helping consumers improve their financial position, and there is a real opportunity for the advice industry to rebuild that trust by reorienting itself and putting consumers at the heart of its services… it is imperative that people wanting advice when making critical financial decisions are able to access high quality advice and equally, feel confident that the advice is in their best interests’ Ms Press concluded. 
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ASIC report highlights lack of consumer trust in financial advice industry

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ASIC is seeking the public’s view of school banking programs as part of its ongoing review of their use and impact in primary schools.
Members of the public and organisations interested in the issue are encouraged to respond to questions posed in the <a href="https://consultation.asic.gov.au/financial-capability/review-school-banking-programs/" target="_blank">Consultation Paper 323</a>, Review of school banking programs.
Community opinions will help inform the development of high-level principles on the implementation of school banking programs.
ASIC Commissioner Sean Hughes said, "Young people are engaging with money every day and they need to understand financial concepts and develop the skills to identify financial services that are right for them. Financial literacy is embedded in the Australian Curriculum, and needs to be – and there is a long history of school banking programs in Australian schools."
"It is important for ASIC to understand the range and extent of impacts that school banking programs can have on students, parents and school communities, as part of our responsibility to ensure the financial sector is delivering for all Australians, and especially for future generations of financial consumers."
ASIC has already consulted with a diverse range of stakeholders including primary school principals, parents, present and past students and organisations from the education and consumer advocacy sectors, as well as the authorised deposit-taking institutions offering the programs.
It is expected the review will be completed in early 2020.
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j.ballantyne1990-6AQqhLzZaK

ASIC is seeking public input on school banking programs

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ASIC has filed an appeal with the Full Federal Court of Australia against the decision of the Honourable Justice Perram regarding ASIC’s allegations against Westpac for contraventions of responsible lending provisions of the National Consumer Credit Protection Act 2009 (Credit Act). 
It has been dubbed the 'wagyu and shiraz' case.
Federal Court judge Nye Perram's judgment noted: “I may eat Wagyu beef every day washed down with the finest shiraz but if I really want my new home I can make do on much more modest fare”.
Justice Perram rejected ASIC’s action against Westpac.
ASIC had alleged that Westpac breached the laws by failing to properly take account of customers' individual declared expenses when they were applying for home loans.
It instead relied on a benchmark Household Expenditure Measure (HEM), which was criticised at the earlier banking royal commission as set too low for many customers.
By using the benchmark, thousands of Westpac customers were given loans larger than they would have been granted had the bank assessed them on their actual living costs.
On 1 March 2017, ASIC commenced Federal Court proceedings alleging, during the period between December 2011 and March 2015, Westpac failed to properly assess whether borrowers could meet their repayment obligations before entering into home loan contracts.
On 13 August 2019, the <a href="/news/westpac-win-responsible-home-loan-case-taken-by-asic">Federal Court found Westpac had not breached the responsible lending provisions</a> of the Credit Act, as Perram J decided that a lender ‘may do what it wants in the assessment process’.
 ‘The Credit Act imposes a number of legal obligations on credit providers, including the need to make reasonable inquiries about a borrower’s financial circumstances, verifying information obtained from borrowers and making an assessment of whether a loan is unsuitable for the borrower. ASIC considers that the Federal Court’s decision creates uncertainty as to what is required for a lender to comply with its assessment obligation, nor does ASIC regard the decision as consistent with the legislative intention of the responsible lending regime. For those reasons, ASIC will appeal to the Full Court of the Federal Court’, said ASIC Commissioner Sean Hughes
ASIC is currently consulting on updates to its responsible lending regulatory guidance – Regulatory Guide 209: Credit licensing: Responsible lending conduct . In February this year ASIC released a consultation paper. ASIC received 72 submissions, with 64 non-confidential submissions published on the ASIC website.
As part of our consultation ASIC recently conducted public hearings. In these hearings, ASIC heard from industry representatives, consumer groups, academics and service providers. Industry indicated it would appreciate the guidance including further clarification to assist it in complying with its obligations, for example by the use of additional case studies and examples. The hearings also highlighted that industry supports the continuation of guidance giving licensees flexibility.
ASIC intends to publish an updated RG 209 by the end of the year.
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ASIC files appeal against the Westpac 'responsible lending' Federal Court decision

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ASIC has commenced proceedings in the Federal Court of Australia against Bendigo and Adelaide Bank concerning unfair contract terms in small business contracts.
ASIC alleges that certain terms used by Bendigo and Adelaide Bank in contracts with small businesses are unfair. If the Court agrees with ASIC, the specific terms will be void and unenforceable by the Bendigo and Adelaide Bank in these contracts.
ASIC alleges that certain terms used by the Bendigo and Adelaide Bank and are unfair, as the terms:
<ul>
<li>cause a significant imbalance in the parties’ rights and obligations under the contract;</li>
<li>were not reasonably necessary to protect the Bendigo and Adelaide Bank’s legitimate interests; and</li>
<li>would cause detriment to the small businesses if the terms were relied on.</li>
</ul>
Some of the unfair terms pleaded by ASIC include clauses that give lenders, but not borrowers, broad discretion to vary the terms and conditions of the contract without the consent of the small business owner, along with clauses that allow the bank to call a default, even if the small business owner has met all of its financial obligations.
ASIC is also seeking a declaration from the Federal Court that the same terms in any other small business contract are also unfair.
If the Federal Court finds that any of the terms of the standard form contracts are unfair, the unfair terms are void (it is as if the terms never existed in the contracts). ASIC is seeking that the terms are declared void from the outset - not from the time of the court’s declaration. The remainder of the contract will continue to bind parties if it can operate without the unfair terms.
Since 1 July 2010, ASIC has administered the law to deal with unfair terms in standard form consumer contracts for financial products and services, including loans.
With effect from 12 November 2016, the unfair contract terms provisions applying to consumers under the Australian Consumer Law and the ASIC Act were extended to cover standard form ‘small business’ contracts.
Small businesses, like consumers, are often offered contracts for financial products and services on a ‘take it or leave it’ basis, commonly entering into contracts where they have limited or no opportunity to negotiate the terms.
These are known as ‘standard form’ contracts. Small businesses commonly enter into these ‘standard form’ contracts for financial products and services, including business loans, credit cards, and overdraft arrangements.
The unfair contracts law applies to standard form small business contracts entered into, or renewed, on or after 12 November 2016 where:
<ul>
<li>the contract is for the supply of financial goods or services (which includes a loan contract);</li>
<li>at least one of the parties is a ‘small business’ (under the ASIC Act, a business employing fewer than 20 people is a ‘small business’); and</li>
<li>the upfront price payable under the contract does not exceed $300,000, or $1 million if the contract is for more than 12 months.</li>
</ul>
 
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ASIC sues Bendigo and Adelaide Bank for use of unfair contract terms

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<div>
<div>
The Federal Court of Australia has found an AFSL holder and its former director made misleading and deceptive statements about an investment strategy targeting retired investors and investors approaching retirement, said to mimic the performance of the Australian Government’s Future Fund.
Port Phillip Publishing Pty Ltd (PPP) and its former director, Kristan Sayce, reached agreement with ASIC on the facts to be considered by the Court and the resulting contraventions of the law and the parties made joint submissions on those matters and on the declarations that should be made and penalties imposed as a result. The Court then ordered the following penalties for PPP and Mr Sayce as were proposed by the parties in that joint submission: 
<ul>
<li>$600,000 penalty for PPP; and</li>
<li>$50,000 penalty for Mr Sayce.</li>
</ul>
The two documents in which the misleading statements were made were published in September 2017 and entitled ‘Everyday Australians Now Legally ‘Piggybacking’ ‘the Future Fund’…and collecting extra monthly income injections of $540 right up to $6,667’ (Promo Letter) and ‘Your Quick Start Guide to Piggybacking the Future Fund’ (Guide). 
PPP published the Promo Letter, promoting the Guide, on two of its websites and emailed copies of the Promo Letter to approximately 200,000 subscribers. The Promo Letter and Guide promoted investing in a portfolio of specific listed investment companies and exchange traded funds which was said could mimic the performance of the Australian Government’s Future Fund. The Future Fund is Australia’s sovereign wealth fund. It is not open to direct public investment.
PPP’s Guide could only be accessed if a person subscribed to a service called Total Income and paid a subscription fee ($49). 823 people paid for a copy of the Guide. The parties also submitted that representations contained in testimonials about the Promo Letter were false and misleading.
‘If investors had adopted the investment strategy in PPP’s Guide, they were likely to have generated lower returns than the returns promoted in the Promo Letter and exposed investors to a greater level of risk than that adopted by the Future Fund in September 2017. ASIC seeks to promote confident and informed participation of investors and in this case, investors were misled,’ said ASIC Deputy Chair Daniel Crennan QC.
Background
ASIC commenced proceedings against PPP and Mr Sayce on 20 December 2018.
PPP and Mr Sayce admitted that various statements contained in the Promo Letter and Guide, which related to the identity and expertise of the author, the extent of research conducted in relation to the investment strategy and the income that could be generated from adopting the investment strategy were misleading, deceptive and false. They further admitted that the Promo Letter and the Guide failed to disclose facts about the frequency of dividend returns and risks to which an investor might be exposed from adopting the investment strategy.
PPP and Mr Sayce also relied on and misused client testimonials in the Promo Letter in that they failed to disclose that each client had never adopted the investment strategy.
</div>
</div>
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Port Phillip Publishing and Kris Sayce found liable for deception mimicking the future fund: ASIC

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Allianz Australia Insurance Limited (Allianz) will refund over $8 million in consumer credit insurance (CCI) premiums and fees including interest to more than 15,000 consumers.
This follows ASIC’s review of the sale of CCI by lenders in Report 622 Consumer credit insurance: Poor value products and harmful sales practices, and forms part of ASIC’s broader priority to address harms and unfair practices impacting consumers in insurance.
Allianz’s refund relates to the sale of cover to consumers who were ineligible to make a claim for unemployment or disability, the sale of death cover to customers under 21 years of age who were unlikely to need that cover, and the charging of fees to customers who paid premiums by the month without adequate disclosure.
The remediation program covers certain CCI products issued by Allianz including mortgage and loan protection policies sold through financial institutions. These CCI products provided cover against the risk of consumers being unable to meet loan commitments because of death, injury, illness or involuntary unemployment.
To address these issues, Allianz will,
<ul>
<li>for ineligible sales of unemployment and disability cover,</li>
<ul>
<li>refund premiums charged plus interest for active, cancelled or lapsed policies sold between 1 January 2011 to 31 December 2018;</li>
<li>reassess all withdrawn and declined claims where the consumer was ineligible for the policy at the time of sale;</li>
<li>invite consumers to submit a claim if they have not already done so and pay valid claims plus interest; and</li>
<li>continue to honour active policies and not rely on employment eligibility criteria as a basis to decline an unemployment or disability claim;</li>
</ul>
<li>for sales of death cover to customers under 21 years of age,</li>
<ul>
<li>refund all premiums charged plus interest for active, cancelled or lapsed policies sold between 1 January 2011 to 31 December 2018; and</li>
<li>preserve existing death cover for active policyholders on current terms without charging for it;</li>
</ul>
<li>for monthly policy payment customers,</li>
<ul>
<li>refund all administration fees and loading charged plus interest; and</li>
<li>correct any future direct debit amounts.</li>
</ul>
</ul>
ASIC Commissioner Sean Hughes said, ‘Disappointingly, our work on the sale of CCI has highlighted widespread mis-selling and poor product design. This remediation outcome is only one of many examples where CCI has failed consumers. We expect insurers to cease to sell insurance products that provide little or no value.’
‘We need a financial system that is fair. Insurers and other financial institutions need to rise to the challenge and embed the principle of fairness into their businesses to ensure we do not see any further instances of this kind of poor value product being pushed on to consumers’ added Mr Hughes.
Allianz will stop issuing new CCI policies from 30 September 2019. It will continue to fulfil its obligations to existing CCI policyholders. 
Allianz is expected to write to all affected consumers about their refund offer from October 2019. Consumers with questions about their cover should contact Allianz by email at <a href="mailto:here_to_help@allianz.com.au" target="_blank">here_to_help@allianz.com.au</a>.
<h2>Background</h2>
ASIC’s recent review of the sale of CCI has resulted in refunds of over $100 million due to more than 300,000 affected consumers. On 11 July 2019, we released Report 622 Consumer credit insurance: Poor value products and harmful sales practices (REP 622) detailing our findings and setting minimum standards for lenders and insurers who issue or sell CCI.
ASIC is currently consulting on a proposal to ban the sale of CCI and direct life insurance through unsolicited telephone calls. The proposed ban aims to address unfair sales conduct and protect consumers from being sold products that they do not need, want or understand.
ASIC has also commenced investigations into a number of entities that have been involved in mis-selling CCI to consumers.
Separately, in 2018, Allianz refunded $45.6 million to 68,000 consumers for add-on insurance sold through car dealerships that were of little or no value.
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ASIC prompts Allianz to refund over $8 million in consumer credit insurance premiums

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The Administrative Appeals Tribunal (Tribunal) has reduced the banning period for former mortgage broker, Michael Wilkins, from three years to 18 months.
Mr Wilkins of Watanobbi, NSW, was banned by ASIC, from providing financial services for three years on 31 January 2018. 
The ASIC delegate had found that Mr Wilkins had acted dishonestly and/or improperly towards clients by completing loan application forms on behalf of clients, having clients sign incomplete forms, and hiding from Westpac that the loans were for self-managed superannuation funds.
The ASIC delegate found that Mr Wilkins had put information in the loan applications submitted to Westpac that was ‘false in a material particular’, and that on five occasions in June and July 2010, Mr Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between approximately $130,000 and $179,000.
Mr Wilkins sought a review of ASIC’s decision in the Tribunal and a decision was delivered on 22 August 2019.
The Tribunal accepted ASIC's contention that the applicant had put information that was ‘false in a material particular’ in loan documents submitted to Westpac but found that there was insufficient evidence to make a finding of dishonesty in relation to client forms or the nature of the loans.
For this reason, the Tribunal concluded that a shorter banning order was justified.
When deciding that an 18-month banning order was appropriate, the Tribunal stated ‘the declarations of accuracy and completeness required in standard form loan applications of major financial institutions (and other credit providers) may appear formulaic and routine. But they mean what they say.
Any significant failure to appreciate that reality, and to observe the requirement of scrupulous honesty underlying it, is likely to merit the sanction of a banning order. That sanction is appropriate in Mr Wilkins’ circumstances.’
 
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AAT reduces banning period for Michael Wilkins NSW mortgage broker

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ASIC has banned Mr Ding (Tim) Yang, the director of Advanced Choice Finance Pty Ltd (ACF), a Melbourne-based mortgage brokering company, from engaging in credit activities for four years.
ASIC has also cancelled the Australian Credit Licence of ACF.
In July 2012, Mr Yang’s accreditation as an approved broker with the Bank of Melbourne was terminated, and in April 2016, Advanced Choice and Mr Yang’s membership with aggregator Connective OSN Pty Ltd, were terminated.
Mr Yang was required, in annual compliance certificates lodged with ASIC, to notify ASIC of those terminations.
ASIC found that Mr Yang had acted dishonestly in providing false answers to ASIC in the compliance certificates for ACF in January 2013 and again in January 2017.
As a result, ASIC found that Mr Yang was not a fit and proper person to engage in credit activities.
"Disclosures in our annual compliance certificates are an important mechanism by which ASIC is alerted to potential issues with licensees. Providing ASIC with false information prevents ASIC from properly administering the regulatory scheme for credit licensees.
"ASIC will look to remove anyone from the credit industry who acts dishonestly in discharging this obligation," said ASIC Commissioner Sean Hughes.
The cancellation of ACF’s credit licence was effective from 14 August 2019. Mr Yang’s banning is recorded on ASIC’s <a href="https://asic.gov.au/online-services/search-asics-registers/banned-and-disqualified/" target="_blank">Banned and Disqualified Persons Register</a>.
Mr Yang and ACF have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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ASIC bans Ding (Tim) Yang, Victorian mortgage broker and cancels credit licence of Advanced Choice Finance

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ASIC has approved changes to the Australian Financial Complaints Authority (AFCA) Rules to allow the scheme to name financial firms in published determinations. 
In its first six months, AFCA received 35,263 complaints. 
About 4,500 to 5,000 complaints are currently expected to be finalised each year by way of determination. 
While the publication of determinations has been a longstanding feature of the external dispute resolution schemes in Australia, the names of firms involved in financial services, superannuation and credit complaints have not been published to date. 
AFCA applied for approval to change their Rules to enable identification of firms following public consultation. 
Consumers who are party to a complaint will continue to be anonymised in all determinations. 
In approving this change ASIC took into account stakeholder feedback to AFCA’s public consultation and the statutory approval criteria. 
ASIC’s view is that naming firms in determinations can help identify conduct or market problems within firms or affecting specific products or services, as well as highlighting where firms have done the right thing. 
It will also enhance transparency and accountability of firms’ performance in complaints handling and of AFCA’s own decision-making. 
To support the new Rules, AFCA will shortly be issuing updated operational guidelines which set out examples of the circumstances in which a determination naming a financial firm would not be published.
This includes where naming may expose confidential information about a firm’s systems or policies. 
Naming firms in AFCA determinations is part of a broader set of reforms aimed at increasing transparency in financial services. 
This includes Parliament giving ASIC power to collect and to publish internal dispute resolution (IDR) data at firm level. 
The UK Financial Ombudsman Service has been naming firms in published determinations since 2013. 
Background
On 31 May 2019, AFCA conducted a public consultation on Rules changes to enable the scheme to name firms in determinations and received 25 submissions in response to that consultation. 
ASIC approved this Rule change in accordance with legislative requirements in s1052D of the Corporations Act which require AFCA to seek ASIC approval of material changes to the AFCA scheme and establish the statutory approval criteria. 
ASIC’s consultation on updates to internal dispute resolution (IDR) policy settings and data reporting framework closed on 9 August 2019. ASIC’s review of IDR policy and regulatory guidance is expected to be completed by the end of 2019.
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ASIC approves AFCA rule change enabling the naming and shaming of firms

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ASIC has commenced proceedings in the Federal Court against National Australia Bank for breaches of the law arising from failures with its Introducer Program.
ASIC alleges that between 3 September 2013 and 29 July 2016, NAB accepted information and documents in support of consumer loan applications from third party introducers who were not licensed to engage in credit activity.
As a result, ASIC alleges NAB breached s31(1) of the National Consumer Credit Protection Act 2009 (National Credit Act) which prohibits credit licensees from conducting business with parties engaging in credit activity without an Australian credit licence (ACL). ASIC also alleges that NAB breached its obligations under s47 of the National Credit Act requiring it to engage in credit activities efficiently, honestly and fairly and to comply with the Act.
The proceedings relate to the conduct of 16 bankers accepting loan information and documentation from 25 unlicensed introducers in relation to 297 loans.
One of the key objectives of the National Credit Act’s licensing regime is consumer protection. The imposition of a licensing regime was intended to address concerns that third-party referrers (including brokers and introducers) may misrepresent consumers’ financial details to ensure loans are approved, and their commissions are paid, in circumstances where the consumers’ true financial position means that the loan should not be made.
ASIC is asking the Court to find that NAB breached the National Credit Act and to impose a civil penalty on NAB for doing so. The maximum penalty for one breach of s31(1) of the National Credit Act, during the time of contravention, was 10,000 penalty units, or $1.7 to $1.8 million.
The proceeding will be listed for directions on a date to be determined by the Court.
<h2>Background</h2>
Since at least 2000, NAB operated the credit industry’s largest referral program, known as the ‘Introducer Program’, whereby a third-party introducer could ‘spot and refer’ a potential customer to NAB in exchange for commission if the customer entered into a loan with NAB. Between 2013 to 2016, NAB’s Introducer Program generated $24 billion dollars’ worth of loans.
Introducers referring customers through the Introducer Program were only to provide NAB with the potential customer’s name and contact details. In order for an introducer to provide NAB with further information or documents, the law required that the introducer be authorised under an ACL.
ASIC’s investigation uncovered that NAB bankers overstepped the ‘spot and refer’ requirement by accepting information and documentation from the 25 unlicensed introducers, including completed home loan applications, payslips, copies of customer identification documents and more. This behaviour can pose a serious risk to consumers, as ASIC also identified that in some instances the documents provided to NAB by the unlicensed introducers were false.
During the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, NAB identified that misconduct in their Introducer Program went undetected until 2015 for reasons including:
<ul>
<li>no head of the Introducer Program, with a General Manager only being appointed in October 2016</li>
<li>a lack of systems to monitor or review introducers, and</li>
<li>controls over the Introducer Program relied heavily on bankers.</li>
</ul>
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Interim Report Volume 2: Case Studies details a range of misconduct in relation to the NAB Introducer Program (page 1 -16). This includes:
<ul>
<li>the misconduct identified in the present proceedings</li>
<li>the misconduct that was the subject of ASIC’s administrative action against former NAB Branch Manager Rabih Awad; and the misconduct that was the subject of ASIC’s administrative action against former NAB Branch Manager Rabih Awad, and</li>
<li>the misconduct identified in ASIC’s criminal prosecution and administration action against former NAB Branch Manager Mathew Alwan.  </li>
</ul>
In July 2018, ASIC banned Mr Awad (who is one of the 16 bankers identified in the present proceedings) from engaging in credit activities and providing financial services for a period of seven years.
Mr Awad was found to have given NAB false payslips, letters of employment, and entered false referee contact details in NAB’s lending systems in multiple home loan applications. A majority of the false documentation submitted to NAB by Mr Awad was provided to him by a real estate agent who was previously registered as a NAB Introducer.
On 20 August 2019, Mr Alwan (who is not one of the 16 bankers identified in these proceedings) pleaded guilty to one count of ‘intention to defraud by false or misleading statement’, an offence under the NSW Crimes Act. The charge relates to Mr Alwan’s conduct in relation to 24 home loan applications which he falsely told NAB were referred by his uncle’s business ‘Suit Club’, a registered NAB Introducer. This resulted in NAB paying Suit Club $56,955 worth of commission.  In October 2018, ASIC permanently banned Mr Alwan from engaging in credit activities and providing financial services for the same misconduct.
On 25 March 2019, NAB announced that it will be terminating the Introducer Program on 1 October 2019.
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