Retail body appoints legal advisory team

Leading Dublin firm Sherwin O’Riordan has announced a new partnership with Retail Excellence Ireland.

Sherwin O’Riordan will provide a legal advisory service to Retail Excellence Ireland’s 2000 members.

The service will take the form of a full employment, commercial and property consultation service to members and offer advice on legal queries by phone or email.

Business law

Established in 2002, Sherwin O’Riordan is a firm of highly-experienced solicitors specialising in advising growing SMEs in Ireland on commercial and business law, employment, commercial litigation, dispute resolution and commercial property.

Co-founding partner David O’Riordan said “We are delighted to have joined forces with Retail Excellence Ireland.

“This is what we specialise in and the service we’re providing will help the members of REI deal with their legal queries quickly and efficiently.”

Retail Excellence is a not for profit company which supports Irish retailers to be the best they can be.

Retail Excellence involves 2,000 leading retail companies who operate in the Irish market. Our members are the most progressive and innovative in the market. We make every effort to deliver activity which is wholeheartedly based on member needs. Retail Excellence is by far the largest retail industry body in Ireland.

Established in 1995, Retail Excellence is owned by the Members, for the Members and is the largest retail industry trade body in Ireland. Our aim is to enhance the consumer’s retail experience by developing top class retail standards and skills and promote a vibrant and competitive world class retail industry in Ireland.

If you would like to find out more information, please visit: https://www.retailexcellence.ie/

ANZ PHOTO

ANZ Bank to suspend retail asset finance business

ANZ Bank will suspend its retail asset finance business from the end of next month while it undertakes a review, affecting new loans for cars, boats and caravans.

“ANZ will continue to service its existing consumer asset finance customers and will continue to provide customers with access to personal loans during the suspension,” the bank said in a statement on Friday.

ANZ’s asset finance product for commercial customers is not affected.

The move comes amid the first round of hearings for the royal commission into financial services which is looking at case studies covering areas including home loans, car loans, credit cards, add-on insurance, credit offers and account administration.

Car loans will be a key focus, with the commission hearing from customers about ANZ and its former subsidiary Esanda’s car finance practices, and Westpac and St George’s finance practices. ANZ was hit with a $5 million fine earlier this year over the car lending practices at Esanda.

The suspension of new loans is effective from April 30 and the review is expected to be completed by September 30.

ANZ’s managing director of retail distribution, Catriona Noble, attributed the review to “the increased technology costs required to effectively compete in the secured consumer asset finance market”.

“Our secured consumer asset finance product represents less than 1 per cent of revenue within our broader Australian business, so we need to assess if it is better for our customers, shareholders and employees if we focus our investment on areas of our business that are core to what we do,” Ms Noble said in a statement.

“Providing asset finance solutions for commercial customers remains a core business for ANZ and we will also continue to service existing retail customers for the duration of their loans.”