Therese Wilson | Griffith University (original) (raw)

Papers by Therese Wilson

The research question addressed in this thesis is: how can we effectively regulate to facilitate ... more The research question addressed in this thesis is: how can we effectively regulate to facilitate access to safe and affordable small amount credit for low income Australians? The lack of access to safe and affordable small amount credit for low income Australians is one aspect of financial exclusion in Australia. While the problem of financial exclusion in Australia has been recognised in the literature, the regulatory and academic focus has been very much on avoiding or reducing the harms of exploitative forms of small amount credit available to low income Australians. This thesis is significant in that it proposes a regulatory model which will facilitate access to non-exploitative forms of such credit. This thesis will consider the roles currently played, and that could be played, by banks, credit unions, not for profits and fringe lenders in providing safe and affordable small amount credit for low income Australians. The roles played by and regulatory environments affecting such...

The Proctor, 2013

Key changes to national consumer credit legislation offer greater protection by prohibiting very ... more Key changes to national consumer credit legislation offer greater protection by prohibiting very short 'payday loans', restricting loan rollovers and capping credit charges on small contracts.

Lack of access to both basic credit and basic insurance products have been recognised as two key ... more Lack of access to both basic credit and basic insurance products have been recognised as two key aspects of financial exclusion in Australia. The neoliberal, or economic liberal, approach to corporate regulation, focusing on profit maximisation, free markets, and limited regulatory intervention, has led to suboptimal social outcomes. This is because of the impacts of financial exclusion, and in this article an argument is made for requiring some profit sacrifice by banking and insurance corporations, to provide basic financial services — as essential services — in accordance with their corporate social responsibilities. The article considers regulatory reform to support such profit sacrifice.

University of New South Wales Law Journal, 2020

This article examines APRA’s performance against its legislated objectives and the policy rationa... more This article examines APRA’s performance against its legislated objectives and the policy rationales and legal theories underlying the supervision of prudential regulation and promotion of financial system stability. The article will investigate the prudential framework in place and actions taken by APRA in the period beginning January 2014 to the end of June 2018, focusing on APRA’s oversight of residential property lending standards because the quality of these loans will be the single largest determinant of the future health of the Australian financial system. The current study’s findings and broader evidence suggest that APRA’s responses to ongoing lax and risky home lending standards were ad hoc, conservative, and reactive.

Contents: Part I Introduction: Credit and over-indebtedness: current context, regulatory response... more Contents: Part I Introduction: Credit and over-indebtedness: current context, regulatory responses and future possibilities, Therese Wilson. Part II International Context: Continuity not rupture: the persistence of neoliberalism in the internationalization of consumer finance regulation, Toni Williams Access to, and exclusion of, European consumers from financial markets after the global financial crisis, Hans-W. Micklitz. Part III Current Responses: Culture or politics? Models of consumer credit regulation in France and the UK, Iain Ramsay The responsible lending response, Therese Wilson. Part IV Possible Future Initiatives: Extending responsible lending to small business: a 'consumer' categorization?, Eileen Webb Innovating for 'safe consumer credit': drawing on product safety regulation to protect consumers of credit, Luke Nottage Bank-community development finance institution partnerships as a means for addressing financial vulnerability, Justin Malbon Mortgage racketeering: the American home mortgage foreclosure crisis and the UN Convention against corruption, Christopher L. Peterson Index.

Introduction Method Interviews with low-income people Literature review 2 Background Disclosure S... more Introduction Method Interviews with low-income people Literature review 2 Background Disclosure Safety net provisions Demographics of participants 3 Views of people on low-incomes: disclosure documents What they understood Responsibilities 5 What they didn't understand 7 Ramifications of not repaying the loan Rights Reasons for signing a contract without fully understanding 8 Limited options Powerlessness Barriers to understanding The language Length Prejudices Information overload 4 Views of people on low incomes: legal rights Opinions on clauses that accelerate the obligation to repay Opinions on the lender's power to vary the terms of the contract Understanding of rights in the event of hardship 5 Conclusion and recommendations 17 6 Appendix: discussion guides and mock contracts Discussion guide: unfair contract terms 20 Mock unfair credit contract Discussion guide: views on disclosure Short form personal loan contract 7 References Coming to grips with credit contracts iv Acknowledgments We are grateful to the Consumer Credit Fund for funding for this research.

The aims of the Centre are to: • conduct and facilitate high quality empirical and policy-focused... more The aims of the Centre are to: • conduct and facilitate high quality empirical and policy-focused research into OHS regulation, consistent with the National OHS Strategy; • facilitate and promote groups of collaborating researchers to conduct empirical and policy-focused research into OHS regulation in each of the States and Territories; • facilitate the integration of research into OHS regulation with research findings in other areas of regulation; • produce regular reports on national and international developments in OHS regulation; • develop the research skills of young OHS researchers; and • assist in the development of the skills and capacities of staff of the NOHSC Office. In order to achieve these aims the Centre undertakes research, supports a consortium of OHS regulation researchers in Australia, assists in the development of skills and capacities of staff of NOHSC staff and collaborates in research programs with other Australian and international researchers and research ...

The Yearbook of Consumer Law 2009

International Responses to Issues of Credit and Over-indebtedness in the Wake of Crisis

Organizations & Markets: Policies & Processes eJournal, 2018

This article explorestwo of the apparent concerns of Western liberal democraciesregarding investo... more This article explorestwo of the apparent concerns of Western liberal democraciesregarding investor state dispute settlement provisions in bilateral and multilateral investment treaties and trade agreements. Both of these concerns were highlighted in the arbitration in wherein Philip Morris Asia challenged Australia’s Tobacco Plain Packaging Act 2011 as amounting to, amongst other things, indirect expropriation or a breach of the fair and equitable treatment (FET) standard. This challenge came about as a result of Philip Morris Asia acquiring all of the shares in Philip Morris Australia, so that a claim could be brought under the 1993 bilateral investment treaty between Hong Kong and Australia. The case, therefore, highlighted the possibility of treaty shopping by an investor to secure the protection of an investment treaty, as well as the possibility of challenging state regulation on the basis of indirect expropriation or breach of the FET standard. This article will explore recent...

The Social Inclusion and Corporate Responsibility Workshop was held on the 21 st of November 2008... more The Social Inclusion and Corporate Responsibility Workshop was held on the 21 st of November 2008 at the Metropole Conference Centre in Fitzroy, Victoria. It was facilitated by Linda Funnell-Milner (Director, Corporate ResponseAbility) and coordinated by Emer Diviney. The proceedings are aimed at fostering, informing and stimulating public reflection, discussion, debate, research, and policy initiatives to address one of the central challenges facing contemporary Australian governments, industries and communities. They are published on the Brotherhood of St Laurence's website at: http://www.bsl.org.au/main.asp?PageId=6175 These proceedings were edited by Serena Lillywhite with assistance from Arnaud Gallois. Assistance with online publication by Kristine Philipp.

People have the right to know. More than one hundred countries have adopted Freedom of Informatio... more People have the right to know. More than one hundred countries have adopted Freedom of Information (FOI) laws that provide legal guarantees for protecting the right of access to information (ATI). The passage and further implementation by Vietnam of an FOI law, namely the Law on Access to Information No.104/2016/QH13 (hereinafter referred to as “the LATI 2016”), adopted in April 2016, can possibly enhance the right of ATI in that country. The LATI 2016 was passed with the purpose of providing „for the exercise of the citizens' right of access to information‟1. As such the law is expected to be a turning point for accelerating the enforcement of the right of ATI in Vietnam when it takes effect on July 1, 2018. This study examines whether or not this expectation is justified and if the requisite conditions prevail in Vietnam for implementing a system that gives people access to information. There is a growing evidence of a consensus that access to certain kinds of information need...

This article considers the current differences between the regulation of small consumer loans and... more This article considers the current differences between the regulation of small consumer loans and small enterprise loans, and raises the question as to whether those differences are likely to be justified on the basis that consumer and enterprise borrowers have different dominant personal and personality characteristics, thereby warranting different protections. Consumer loans are regulated in a manner which provides much greater protection for consumers, obligations for disclosure and ultimately a stronger foundation to limit overindebtedness and inappropriate loan applications. On the other hand, enterprise loans, even for very small amounts, are provided with very little regulatory protection. This difference in the regulation of types of loans has the potential to impact the effectiveness of the regulation if the personal characteristics of each cohort of borrowers are actually comparable. This paper explores the different approaches to regulating small consumer and enterprise l...

Legal education review, 2017

Legal educators are increasingly encouraged, if not directed, to apply technological innovations ... more Legal educators are increasingly encouraged, if not directed, to apply technological innovations in course design and delivery. The use of blended learning, in which courses are delivered in a combination of face-to-face settings and online, has become almost ubiquitous. Blended learning is often associated with active learning, in that a combination of face-to-face and online activities are particularly suitable to facilitate students’ active engagement in learning. Recently, there has been a great deal of interest in a particular type of blended learning which is known as ‘flipped’ learning.

The research question addressed in this thesis is: how can we effectively regulate to facilitate ... more The research question addressed in this thesis is: how can we effectively regulate to facilitate access to safe and affordable small amount credit for low income Australians? The lack of access to safe and affordable small amount credit for low income Australians is one aspect of financial exclusion in Australia. While the problem of financial exclusion in Australia has been recognised in the literature, the regulatory and academic focus has been very much on avoiding or reducing the harms of exploitative forms of small amount credit available to low income Australians. This thesis is significant in that it proposes a regulatory model which will facilitate access to non-exploitative forms of such credit. This thesis will consider the roles currently played, and that could be played, by banks, credit unions, not for profits and fringe lenders in providing safe and affordable small amount credit for low income Australians. The roles played by and regulatory environments affecting such...

The Proctor, 2013

Key changes to national consumer credit legislation offer greater protection by prohibiting very ... more Key changes to national consumer credit legislation offer greater protection by prohibiting very short 'payday loans', restricting loan rollovers and capping credit charges on small contracts.

Lack of access to both basic credit and basic insurance products have been recognised as two key ... more Lack of access to both basic credit and basic insurance products have been recognised as two key aspects of financial exclusion in Australia. The neoliberal, or economic liberal, approach to corporate regulation, focusing on profit maximisation, free markets, and limited regulatory intervention, has led to suboptimal social outcomes. This is because of the impacts of financial exclusion, and in this article an argument is made for requiring some profit sacrifice by banking and insurance corporations, to provide basic financial services — as essential services — in accordance with their corporate social responsibilities. The article considers regulatory reform to support such profit sacrifice.

University of New South Wales Law Journal, 2020

This article examines APRA’s performance against its legislated objectives and the policy rationa... more This article examines APRA’s performance against its legislated objectives and the policy rationales and legal theories underlying the supervision of prudential regulation and promotion of financial system stability. The article will investigate the prudential framework in place and actions taken by APRA in the period beginning January 2014 to the end of June 2018, focusing on APRA’s oversight of residential property lending standards because the quality of these loans will be the single largest determinant of the future health of the Australian financial system. The current study’s findings and broader evidence suggest that APRA’s responses to ongoing lax and risky home lending standards were ad hoc, conservative, and reactive.

Contents: Part I Introduction: Credit and over-indebtedness: current context, regulatory response... more Contents: Part I Introduction: Credit and over-indebtedness: current context, regulatory responses and future possibilities, Therese Wilson. Part II International Context: Continuity not rupture: the persistence of neoliberalism in the internationalization of consumer finance regulation, Toni Williams Access to, and exclusion of, European consumers from financial markets after the global financial crisis, Hans-W. Micklitz. Part III Current Responses: Culture or politics? Models of consumer credit regulation in France and the UK, Iain Ramsay The responsible lending response, Therese Wilson. Part IV Possible Future Initiatives: Extending responsible lending to small business: a 'consumer' categorization?, Eileen Webb Innovating for 'safe consumer credit': drawing on product safety regulation to protect consumers of credit, Luke Nottage Bank-community development finance institution partnerships as a means for addressing financial vulnerability, Justin Malbon Mortgage racketeering: the American home mortgage foreclosure crisis and the UN Convention against corruption, Christopher L. Peterson Index.

Introduction Method Interviews with low-income people Literature review 2 Background Disclosure S... more Introduction Method Interviews with low-income people Literature review 2 Background Disclosure Safety net provisions Demographics of participants 3 Views of people on low-incomes: disclosure documents What they understood Responsibilities 5 What they didn't understand 7 Ramifications of not repaying the loan Rights Reasons for signing a contract without fully understanding 8 Limited options Powerlessness Barriers to understanding The language Length Prejudices Information overload 4 Views of people on low incomes: legal rights Opinions on clauses that accelerate the obligation to repay Opinions on the lender's power to vary the terms of the contract Understanding of rights in the event of hardship 5 Conclusion and recommendations 17 6 Appendix: discussion guides and mock contracts Discussion guide: unfair contract terms 20 Mock unfair credit contract Discussion guide: views on disclosure Short form personal loan contract 7 References Coming to grips with credit contracts iv Acknowledgments We are grateful to the Consumer Credit Fund for funding for this research.

The aims of the Centre are to: • conduct and facilitate high quality empirical and policy-focused... more The aims of the Centre are to: • conduct and facilitate high quality empirical and policy-focused research into OHS regulation, consistent with the National OHS Strategy; • facilitate and promote groups of collaborating researchers to conduct empirical and policy-focused research into OHS regulation in each of the States and Territories; • facilitate the integration of research into OHS regulation with research findings in other areas of regulation; • produce regular reports on national and international developments in OHS regulation; • develop the research skills of young OHS researchers; and • assist in the development of the skills and capacities of staff of the NOHSC Office. In order to achieve these aims the Centre undertakes research, supports a consortium of OHS regulation researchers in Australia, assists in the development of skills and capacities of staff of NOHSC staff and collaborates in research programs with other Australian and international researchers and research ...

The Yearbook of Consumer Law 2009

International Responses to Issues of Credit and Over-indebtedness in the Wake of Crisis

Organizations & Markets: Policies & Processes eJournal, 2018

This article explorestwo of the apparent concerns of Western liberal democraciesregarding investo... more This article explorestwo of the apparent concerns of Western liberal democraciesregarding investor state dispute settlement provisions in bilateral and multilateral investment treaties and trade agreements. Both of these concerns were highlighted in the arbitration in wherein Philip Morris Asia challenged Australia’s Tobacco Plain Packaging Act 2011 as amounting to, amongst other things, indirect expropriation or a breach of the fair and equitable treatment (FET) standard. This challenge came about as a result of Philip Morris Asia acquiring all of the shares in Philip Morris Australia, so that a claim could be brought under the 1993 bilateral investment treaty between Hong Kong and Australia. The case, therefore, highlighted the possibility of treaty shopping by an investor to secure the protection of an investment treaty, as well as the possibility of challenging state regulation on the basis of indirect expropriation or breach of the FET standard. This article will explore recent...

The Social Inclusion and Corporate Responsibility Workshop was held on the 21 st of November 2008... more The Social Inclusion and Corporate Responsibility Workshop was held on the 21 st of November 2008 at the Metropole Conference Centre in Fitzroy, Victoria. It was facilitated by Linda Funnell-Milner (Director, Corporate ResponseAbility) and coordinated by Emer Diviney. The proceedings are aimed at fostering, informing and stimulating public reflection, discussion, debate, research, and policy initiatives to address one of the central challenges facing contemporary Australian governments, industries and communities. They are published on the Brotherhood of St Laurence's website at: http://www.bsl.org.au/main.asp?PageId=6175 These proceedings were edited by Serena Lillywhite with assistance from Arnaud Gallois. Assistance with online publication by Kristine Philipp.

People have the right to know. More than one hundred countries have adopted Freedom of Informatio... more People have the right to know. More than one hundred countries have adopted Freedom of Information (FOI) laws that provide legal guarantees for protecting the right of access to information (ATI). The passage and further implementation by Vietnam of an FOI law, namely the Law on Access to Information No.104/2016/QH13 (hereinafter referred to as “the LATI 2016”), adopted in April 2016, can possibly enhance the right of ATI in that country. The LATI 2016 was passed with the purpose of providing „for the exercise of the citizens' right of access to information‟1. As such the law is expected to be a turning point for accelerating the enforcement of the right of ATI in Vietnam when it takes effect on July 1, 2018. This study examines whether or not this expectation is justified and if the requisite conditions prevail in Vietnam for implementing a system that gives people access to information. There is a growing evidence of a consensus that access to certain kinds of information need...

This article considers the current differences between the regulation of small consumer loans and... more This article considers the current differences between the regulation of small consumer loans and small enterprise loans, and raises the question as to whether those differences are likely to be justified on the basis that consumer and enterprise borrowers have different dominant personal and personality characteristics, thereby warranting different protections. Consumer loans are regulated in a manner which provides much greater protection for consumers, obligations for disclosure and ultimately a stronger foundation to limit overindebtedness and inappropriate loan applications. On the other hand, enterprise loans, even for very small amounts, are provided with very little regulatory protection. This difference in the regulation of types of loans has the potential to impact the effectiveness of the regulation if the personal characteristics of each cohort of borrowers are actually comparable. This paper explores the different approaches to regulating small consumer and enterprise l...

Legal education review, 2017

Legal educators are increasingly encouraged, if not directed, to apply technological innovations ... more Legal educators are increasingly encouraged, if not directed, to apply technological innovations in course design and delivery. The use of blended learning, in which courses are delivered in a combination of face-to-face settings and online, has become almost ubiquitous. Blended learning is often associated with active learning, in that a combination of face-to-face and online activities are particularly suitable to facilitate students’ active engagement in learning. Recently, there has been a great deal of interest in a particular type of blended learning which is known as ‘flipped’ learning.