Financial services regulation

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Design and Distribution Obligations and Product Intervention Powers
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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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
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).
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Competition in the Australian Financial System
29 Mar 2018
Australian banks will continue to support evidence-based regulatory change that encourages competition and innovation while ensuring stability through the economic cycle. ABA members support many of the draft recommendations in the Productivity Commission’s draft report into Competition in the Australian Financial System.
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ABA Response to the Farrell Report into Open Banking
26 Mar 2018
Australia’s banks are committed to the success of open data which, if delivered properly, can empower customers to use their data from across the economy to make the best choices for their circumstances and preferences.
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Australian Banking Association submission on Mandatory Comprehensive Credit Reporting
23 Feb 2018
The ABA has commented on the exposure draft legislation to mandate a comprehensive credit reporting regime.
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Australian Bankers’ Association submission on Crisis Resolution Powers Legislation
18 Dec 2017
The ABA has commented on the Inquiry into the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 [Provisions]
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Australian Bankers’ Association submission on banking executive accountability
3 Nov 2017
Australian Bankers’ Association lodged a submission to the Senate inquiry into Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 and accompanying Explanatory Memorandum.

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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