The Barclay MIS Group of Companies Pty Ltd (ACN 056 321 272) v Australian Securities and Investments Commission [2002] FCA 1606

FEDERAL COURT OF AUSTRALIA

The Barclay MIS Group of Companies Pty Ltd (ACN 056 321 272) v Australian Securities and Investments Commission [2002] FCA 1606

INSURANCE – whether carrying on insurance business – whether product offered constituted a contract of insurance – whether a discretion to provide facilities where exercised reasonably distinguishes product from contract of insurance – whether providing a financial service – whether misleading and deceptive conduct in relation to financial services

Corporations Act 2001 (Cth) ss 761A, 736C, 736E, 766A, 766C, 911A(1), 1041H, 1311(1) Insurance (Agents and Brokers) Act 1984 (Cth) Australian Securities and Investments Commission Act 2001 (Cth) s 12DA Insurance Act 1973 (Cth) ss 3, 10(1), 21(2) Australian Health Insurance Association Ltd v Esso Australia Ltd (1993) 41 FCR 450 considered Prudential Insurance Co v Inland Revenue Commissioners [1904] 2 KB 658 followed Department of Trade and Industry v St Christopher Motorists' Association Ltd [1974] 1 All ER 395 considered Medical Defence Union Ltd v Department of Trade [1980] 1 Ch 82 considered Re Barrett; Ex parte Young v N M Superannuation Pty Ltd (1992) 34 FCR 508 referred to New South Wales Medical Defence Union Ltd v Crawford (1993) 11 ACSR 406 referred to

THE BARCLAY MIS GROUP OF COMPANIES PTY LTD (ACN 056 321 272), BARCLAY MIS LANDLORD PROTECTION PLAN (VIC) PTY LTD (ACN 077 964 035), BARCLAY MIS LANDLORD PROTECTION PLAN (NSW) PTY LTD (ACN 076 958 613), BARCLAY MIS LANDLORD PROTECTION PLAN (TAS) PTY LTD (ACN 080 116 276), BARCLAY MIS LANDLORD PROTECTION PLAN (QLD) PTY LTD (ACN 074 152 211), BARCLAY MIS LANDLORD PROTECTION PLAN (SA) PTY LTD (ACN 080 999 275), BARCLAY MIS LANDLORD PROTECTION PLAN (NT) PTY LTD (ACN 089 485 585), BARCLAY MIS LANDLORD PROTECTION PLAN (WA) PTY LTD (ACN 082 879 614), BARCLAY MIS LANDLORD PROTECTION PLAN (ACT) PTY LTD (ACN 096 963 692) v AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION AND AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY AND AUSTRALIAN SECURITIES AND INVESTMENTS AND THE BARCLAY MIS GROUP OF COMPANIES PTY LTD (ACN 056 321 272), BARCLAY MIS LANDLORD PROTECTION PLAN (VIC) PTY LTD (ACN 077 964 035), BARCLAY MIS LANDLORD PROTECTION PLAN (NSW) PTY LTD (ACN 076 958 613), BARCLAY MIS LANDLORD PROTECTION PLAN (TAS) PTY LTD (ACN 080 116 276), BARCLAY MIS LANDLORD PROTECTION PLAN (QLD) PTY LTD (ACN 074 152 211), BARCLAY MIS LANDLORD PROTECTION PLAN (SA) PTY LTD (ACN 080 999 275), BARCLAY MIS LANDLORD PROTECTION PLAN (NT) PTY LTD (ACN 089 485 585), BARCLAY MIS LANDLORD PROTECTION PLAN (WA) PTY LTD (ACN 082 879 614), BARCLAY MIS LANDLORD PROTECTION PLAN (ACT) PTY LTD (ACN 096 963 692) Q 59 OF 2002 DOWSETT J 23 DECEMBER 2002 BRISBANE