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Financial services regulation

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The digital economy and Australia’s corporate tax system
13 Dec 2018
Banks in Australia contribute a significant quantum of total corporate taxes paid in Australia and do not structure their tax affairs through low taxing jurisdictions. They were, therefore, not the obvious target of the recent OECD Base Erosion and Profit Shifting (BEPS) actions.
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Regulations for Design and Distribution Obligations and Product Intervention Powers
13 Nov 2018
These regulations would extend the operation of the Design and Distribution Obligations to additional financial products. This submission outlines the ABA's concerns regarding some aspects of this proposal.
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Consumer Data Right Industry Designation
23 Oct 2018
The ABA believes that each industry would be better served by a designation tailored to their industry, rather than a broad instrument that is attempting to serve as a template.
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Design and Distribution Obligations and Product Intervention Powers (Senate)
18 Oct 2018
ABA members support the intent of the design and distribution obligations (DDO) to assist “consumers select appropriate financial products by requiring issuers and distributors to appropriately market and distribute financial products.”
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Updated Consumer Data Right Exposure Draft
16 Oct 2018
The ABA believes that having a well-designed reciprocity mechanism within the CDR is key to ensuring customers reap the full benefits of the data that is held regarding them.
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Consumer Data Right Rules Framework - ABA response to ACCC
12 Oct 2018
ABA members believe that the CDR is a transformative reform and are committed to its success. The CDR has the potential to fuel innovation across the economy and benefit customers through an expanded choice of products and services.
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Consumer Data Right Exposure Draft Response
7 Sep 2018
ABA members support the introduction of a consumer data right that will encourage innovation and enable customers to benefit from data sharing while ensuring their privacy is safeguarded. Appendix available here.
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Product Intervention and Design and Distribution Obligations (Treasury)
15 Aug 2018
The banking industry supports the intent of the Design and Distribution Obligation (DDO) to assist “consumers select appropriate financial products by requiring issuers and distributors to appropriately market and distribute financial products,” but highlights some concerns around the current draft legislation.
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ABA Response to Australian Financial Complaints Authority rules consultation
6 Jul 2018
The ABA appreciates the opportunity to comment on the proposed AFCA rules and expresses our view that its operation should be efficient and effective and that decision processes should be transparent and clear as this is in the best interest of customers.
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BEAR Regime - Size of an ADI - Draft Legislative Instrument
20 Apr 2018
The ABA recommends that the draft legislative instrument be amended so that a ‘small ADI’ would be defined as having less than or equal to $30 billion total resident assets rather than the current definition of having less than or equal to $10 billion total resident assets (on a three-year average).

What’s new

A sensible path forward for Open Banking
10 May 2018
Open Banking will allow customers, at their request, to share their personal information with other financial institutions to allow them to find a better deal on expenses such as electricity bills, telecommunications and other items.
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ABA blog

Customers at centre of mortgage industry overhaul
Christine Cupitt, Executive Director - Policy, Australian Banking Association
Read more 1 Feb 2018

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