A consortium of investors

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Reference no: EM13139547

QUESTION 1.
A consortium of investors proposes to form a bank that will operate throughout Australia. The new entity will be a public company operating under the name, Oz Bank Ltd.
Oz Bank Ltd will offer the same range of services and products as other major trading banks in Australia.

Required

Write an essay or report describing amongst other things:
• the regulatory requirements ( describing the regulatory framework) that
Oz Bank will need to satisfy in order to gain authorisation from the relevant
regulator to engage in a banking business
• the regulatory environment and legal matters Oz Bank will need to comply with in the course if its business, including on-going disclosure obligations in providing a variety of services to its consumer customers

You may select one retail trading bank operating in Australia, using its corporate and organisational structure as a model for Oz Bank Ltd.
( Do not discuss incorporation issues under the Corporations Act 2001 Cth. However, other
aspects of this legislation will be relevant)

Length: 2,000 -2,500 words
Topic coverage: selected topics among topics 1- 9

QUESTION 2.

Jill is about to open accounts with Nova Bank Ltd ('Nova') in Melbourne, and requests a savings account and a credit card facility.

Currently, she has a credit card account with Elbe Bank, and a personal, unsecured loan of $2,000 from Aspen Finance Ltd.

As part of the procedure for opening the accounts with Nova, she signs various forms that she does not read. She is informed that further information about these account facilities will be sent to her in the mail.
A few days later, her application has been duly processed and she is issued with the requested accounts.
Later, Jill learns that Nova had conducted credit checks on her with a Credit Reporting Agency (CRA) prior to issuing the accounts to her, and Nova had approached her former employer to glean information about her employment history, revealing that Jill had applied to Nova for a credit card with a $4,000 limit.
In respect of all of these matters, Nova denies it has done anything wrong.

Required

Describe the information about Jill that is likely to be in the credit report from the CRA, and advise Jill of her legal position in respect of Nova's actions
Length: approximately 1,000 words

Reference no: EM13139547

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