Carlin, Tyrone M; Ford, Guy --- "Editorial" [2004] JlLawFinMgmt 5; (2004) 3(2) Journal of Law and Financial Management 7

• Editorial

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Editorial

In keeping with the interdisciplinary mission of the Journal of Law & Financial Management, this volume gives space for contemplation of an eclectic range of issues ranging from an analysis of ACCC industry codes of conduct in the context of compliance through to a discussion of a recent case relating to the matter of good faith performance requirements in Australian contract law.

The first paper in this edition, by Len Gainsford, deals with the issue of industry codes of conduct promulgated by the ACCC and their implications in the context of compliance. In this paper, the author touches on the increasingly important and under researched question of compliance culture, something the author differentiates from a more “tick a box” approach to the issue, which in the author’s submission is not a satisfactory means of proceeding.

The second paper in this edition, by Roger Gay and Paul Latimer of Monash University examines the quality of product disclosure statements issued by financial services providers in relation to term annuity products. The authors argue that even in relation to these plain vanilla investment products, notable deficiencies in current disclosure practices exist. This is a matter which could have wide ranging policy implications especially in light of a growing tendency towards greater complexity and diversity in financial product offerings and greater choice on the part of retail investors as to their selection of such products.

The final paper in this edition deals with the vexing question of the doctrine of good faith performance of contractual obligations. This issue first gained prominent Australian judicial notice in the New South Wales Court of Appeal’s decision in the Renard Construction case, and has slowly but persistently festered without ultimate resolution since that time. In their article on this matter, Tyrone Carlin and Louise Chau use the example of the recent dispute between Vodafone and ASX listed corporation Mobile Innovations Ltd to demonstrate the types of problems which can arise as a result of the application of this rather protean doctrine and argue that Australian contract law would be better off without such a construct.

As always, thanks to the members of the editorial board for their ongoing support, and especially to Carla Mollica for the continuation of her vital work in producing the Journal of Law and Financial Management.

Tyrone M Carlin and Guy Ford, Sydney, November 2004.

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