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Privacy – Data Breach Reporting

Privacy Law Changes One of the Australian Privacy Principles applying as law requires personal information to be kept secure, protecting it from loss, misuse, interference and unauthorised access, modification or destruction.  From 22 February 2018, it will be mandatory to report significant privacy breaches. When the changes to the Privacy Act become law, businesses and other organisations will be required to notify individuals and the Privacy Commissioner of a data breach of personal information if the breach is likely to result in serious harm to the individuals. A breach of this nature, categorised as an ‘eligible’ or ‘notifiable’ breach, can involve the release or destruction of, or unauthorised access to, personal information in circumstances in which the affected individuals are likely to experience physical, reputational, financial, emotional or other serious harm.  This can arise in relation to one or a number of individuals, depending on the nature of the breach and its seriousness.  In assessing the impact on the individual, the ‘reasonable person’ test is used – whether a reasonable person would assess the impact as significant. A data breach could include lost or stolen computers or mobile devices, disposal, loss or theft of hard-drives or similar memory devices, hacked computer systems, hard-copy records lost or thrown out, sending personal information to the wrong person, customer details exposed online, staff taking records about individuals to another business, leased computers returned with personal information still on them, etc. The data breach regime sets out what and when actions are to be taken, including informing both the OAIC and the affected individuals.  The website of the Office of the Australian Information...

Victorian Golf Day – Results

The CAFBA Victoria Golf Day was held at Huntingdale Golf Club on 20 November and Melbourne turned on a glorious day! This day offers an opportunity for brokers and lenders to get together in an informal fashion, and is always the highlight of the CAFBA event calendar. The results from the day were: WINNER:  Pickles Team: Brendan Ryan, Gary Walker, Chris Oliver, Adam Haber Score: 52.625      Scratch: 61 RUNNER UP:  Consolidated Finance Group Team: Mark Rayson, Greg Pell, Murray Price, James Peters Score: 53.625     Scratch: 62 THIRD PLACE: VOW Financial: Leith Wickstein, Travis Fulton, Steve Dimer, Kirk Jackson Score: 54.875     Scratch: 67 NAGA AWARD: Apricity Finance Group Team: Adrian Dodson, Simon Walker, Nick Rogers, Michael Coates Score: 54.5      Scratch: 78 LONGEST DRIVE 9th Hole: Kirk Jackson LONGEST DRIVE 16th Hole: Roger Murray NEAREST THE PIN 3rd Hole: David Stephens NEAREST THE PIN 5th Hole: Bart Calman NEAREST THE PIN 12th Hole: Mark Rayson NEAREST THE PIN 15th Hole: Peter McAdam   Congratulations to all the winners. CAFBA would also like to thank the generous sponsors for the event: ANZ Banjo Loans Bank of Queensland Capital Finance Classic Funding Group Fleet Partners Hermes Capital Invoice Money Macquarie Leasing Mercedes Benz Berwick Metro Finance Scottish Pacific Business Finance Westpac Without our sponsors, we could not put on this event - thank you. And finally, thanks to Steven Burr from Quantumn Business Finance for organising the event. See the images from the...

Financier of the Year Awards – The Results

CAFBA held the Financier of the Year Awards in Melbourne on 16 November, which was attended by over 150 brokers and lenders. The evening was a great success, with CAFBA President, David Gandolfo announcing the Financier of the Year is Westpac for a record fourth year. They were closely followed by Capital Finance and Metro Finance. This award is based on voting by CAFBA members for the best financier in four different categories: Documentation, Pricing, Service & Attitude These categories have remained consistent since the inception of the award in 1999. On accepting the award, Greg Pell thanked the Westpac team for their contribution and acknowledged CAFBA’s role in supporting the equipment finance industry.   Also announced on the night was the BDM of the Year award for both Victoria, South Australia and Western Australia. This has become a highly sought after award, as it shows the CAFBA members appreciation to those Lender BDM’s that provide excellent service and “go the extra mile”. The winners were: VICTORIA Winner - Craig Fraiser, Capital Finance Second - Shaun Purcell, Metro Finance Third - Frank Ikic, ANZ SOUTH AUSTRALIA Winner - Trevor Webb, St George Second - Gary Walker, Bank of Queensland Third - Steve Rump, Westpac WESTERN AUSTRALIA Winner - Kylee Heys, ANZ Second - Tony Bruns, Capital Finance Third - Wade Bunter, Westpac   Two new categories were also announced at the event - these have been developed to recognise the teams behind the scenes working to support CAFBA members and their businesses.   BEST CREDIT TEAM - Bank of Queensland BEST SETTLEMENT TEAM – Capital Finance   At the NSW End of Year Cocktails, CAFBA announced the winners...

Certified Lease Finance Professional – what is it and why is it important?

Some time ago the CAFBA Board recognised the problem of an aging population in the commercial equipment finance industry. This year CAFBA undertook a major strategic review, and it was identified that education was the key to creating a pathway to a career in commercial equipment financing. In addition to this it is important that CAFBA is recognised as a professional membership association, whilst commercial finance broking is seen and promoted as a profession. This has been key to our argument with Government to continue with self-regulation. However, what is lacking is a dedicated curriculum in equipment finance. For those of us who can remember, finance companies in the 1980’s had very strong lease training programs. A specific lease finance curriculum was even offered through Swinburne University, which was facilitated by some of our members. It is time to again offer a dedicated course so young people can confidently enter the profession with the right training. We are developing an equipment finance curriculum for Australia to replace the existing Certificate and Diploma in Finance and Mortgage Broking, to create pathways into commercial equipment finance. Gen Y and millennials are famously attracted to a profession that offers a credential and a structured career path. However, the United States currently has a course and credential available, the Certified Lease Finance Professional, and those working in the US, whether in banking or broking, aspire to have the CLFP designation. Most senior people in the US working in equipment finance have attained the CLFP. This is the post nominal that recognises that an individual understands the product and has the professional knowledge to...

CAFBA Submission to the Productivity Commission into Competition in the Australian Financial System

CAFBA is continually making submissions and representations to Government in respect of issues that affect our members. Last week CAFBA responded to an inquiry by the Productivity Commission into Competition in the Australian Financial System. In the submission, CAFBA underscores the need for the Inquiry to maintain a focus on the availability of, and competition in, financial services for small business. The submission is broken up into a range of small sections covering areas of concern for CAFBA members and focuses on the negative impact of the Point of Sale exemption. It highlights that CAFBA members are professional commercial finance brokers committed to providing the best quality service to their business clients. Despite the quality of financial service provided by many commercial finance brokers, some new and unqualified operators have been able to fly ‘under the radar’ of regulatory bodies through exemptions. CAFBA believes that while there is currently a discussion about the lack finance options for small businesses in Australia, there are many choices already available. We believe that the Productivity Commission must examine these options to see how they are communicated. In particular, it would be beneficial to analyse how available they are to small businesses and the level of competition between different financial providers. CAFBA looks forward to continuing to work with the Productivity Commission to improve the quality of financial services availability of finance to small business in Australia. Read the full submission...

AFR Article: ‘A concerted attack on business’ says commercial finance broker

Article by Joanna Mather, Australian Financial Review Commercial finance broker David Gandolfo slammed Labor’s trust policy as a “thoroughly dumb idea and a concerted attack on business”. “The rhetoric sounds good to the right cheer squad but in practice it will have little if any effect whatsoever other than to inconvenience the 99 percent of people who run their business legitimately and pay all the tax they should” he said. Mr Gandolfo part owns Quantum Business Finance via his family trust, the beneficiaries of which include his wife and adult children. He is the deputy chairman of the Council of Small Business of Australia, which has heavily criticised the Labor policy. Melbourne-based Quantum specialises in commercial finance brokerage for small to medium enterprises, which means Mr Gandolfo sees the books of thousands of businesses every year. “This is going to effect tradespeople, booksellers, cafe owners, newsagents,” he said. “It’s going to affect 100 per cent of people utilising trusts when perhaps 1 per cent might be rorting them. “In our experience family trusts only distribute to people within the business who are active in the business. There is nothing unreasonable about distributing profit to the people who earn it.” Labor said wealthy people were much more likely to have a trust, and the average amount held in private trusts by the wealthiest 20 per cent of households was more than $123,000, while for the next quintile it was just $4,000. Labor sees mischief in the use of trusts to split income and therefore minimise tax. Mr Gandolfo said there might have been abuse of trusts 20 years ago but...