Commonwealth Bank has launched an issue of residential mortgage-backed securities, seeking A$750 million of funding. The senior notes in Medallion Trust 2016-1 will be split into class A-1a notes, paying monthly distributions, and A-1b notes, paying quarterly distributions. The loans in the securitisation pool have an average loan-to-valuation ratio of 59.1 per cent and an average loan size of $239,882. Investment loans make up 23.6 per cent of the pool and interest-only loans 19.5 per cent. Parliament has passed the Corporations Amendment (Financial Advice Measures) Bill, which amends elements of the FOFA regime. Advisers will have more time to provide renewal opt-in notices and fee disclosure statements. Basic insurance products and non-cash payments (such as travel money cards) will be treated as simple financial products. The amendment also broadens the education and training provisions of the regime. The Administrative Appeals Tribunal has upheld a decision of the Australian Securities and Investments Commission to cancel the Australian Credit Licence of Unique Mortgage Services. The AAT also upheld a finding that Meenakshi Callychurn, a finance broker at UMS, had contravened the National Consumer Credit Protection Act but it reduced the period of her ban from five years to four.