Welcome to our financial lines update, where we bring you recent developments relevant to the financial lines insurance market.
In this update, we discuss:
- Are you under the ‘finfluence’? We look at who ‘finfluencers’ are and why ASIC is concerned about what they are posting, or ‘advising’, on social media, and the information the regulator has recently provided to financial influencers who may be unaware of their legal obligations under consumer protection and financial services laws; and
- Parkin v Boral Limited (Class Closure) [2022] FCAFC 47: The Full Federal Court has found it has the power to order pre-mediation notices flagging a future intention to seek soft class closure at settlement, and it may even order soft closure prior to settlement if the circumstances allow in another case.
Are you under the ‘finfluence’? ASIC publishes information for social media financial influencers addressing when influence is actually advice
ASIC has recently published information for social media influencers who discuss financial products and services online. We take a quick look at who ‘finfluencers’ are and why ASIC is concerned about what they are posting, or ‘advising’, on social media.
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Parkin v Boral Limited (Class Closure) [2022] FCAFC 47: Federal Court has power to order notices of future intention to seek soft class closure at settlement
Have we seen class action parties unite to find a way to get most group members to register or opt-out in the lead up to mediation without a soft class closure order? Could we see such soft class closure orders in the future if the circumstances are right? Interesting things have come out of a Full Federal Court decision we’d like to discuss.
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