Examining defective systems through the lens of the law relating to misleading and deceptive conduct
22 October 2021
This article was originally published in the October 2021 edition of the LexisNexis Australian Banking and Finance Law Bulletin.
A number of the case studies examined by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry involved instances where a financial institution failed to deliver what it had sold to customers due to deficiencies in its systems or processes.
The Royal Commission highlighted that when financial products or services are not delivered in accordance with contractual promises, there may be occasions where such failures should “be examined through the lens of the law relating to misleading and deceptive conduct”.
In this article, Brendon Clarke discusses how defective systems can give rise to a claim for misleading or deceptive conduct and what financial institutions can do to mitigate the risk of such a claim.
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