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CP354 Simple Hardship Arrangements

1 February 2022

The ABA requests confirmation from ASIC that a temporary financial hardship arrangement agreed under the Credit Reporting Code does not require a credit provider to send a ‘rejection notice’ under section 72(4)(b) of the National Credit Code. Once ASIC provides this confirmation, we consider that there is no real need for the continuation of the simple arrangement exemption in its current form.

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Anti-hawking: Update to RG 38

18 August 2021

In the ABA’s view, the guidance detailed throughout RG38 provides clarity over the forms of communication subject to the prohibition, the nature and scope of a consumer’s consent. However, the guide does not adequately consider the types of interactions between customers and frontline staff. These interactions vary greatly and, in many cases, involve a frontline staff member needing to gain an understanding of a customer’s needs to educate them on the scope of products.

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Review of the ePayments Code: further consultation (CP341)

2 July 2021

The ABA supports proposals to clarify the definition of a mistaken internet payment (MIP), Further work is needed to assess the case and benefits of the proposal to extend the ePC to small business. While the ABA supports modernising the Code, we consider the proposals about biometrics and virtual cards need further work. ABA also asks ASIC to consider a more fulsome modernisation of the Code.

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Regulator Performance Guide

2 June 2021

The ABA considers that the review of the existing Regulator Performance Guide is timely. It is critical to ensure that regulation of the financial system does not inhibit the ability of financial firms to serve the Australian population or grow the economy. The ABA supports the Government’s proposal to transition towards a more flexible and principles-based approach to regulator performance. We have developed our response with a focus on providing constructive suggestions to improve the potential scope and application of the three principles that are proposed with regard to financial regulation Continuous improvement and building trust Risk-based and data-driven Collaboration and engagement

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Treasury consultation on licensing debt management firms

12 February 2021

The ABA supports the Government’s proposal to licence debt management and credit repair firms. We believe that all Australians should be afforded consistent consumer protections, no matter which credit or financial services provider they choose.

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Credit Reform

3 February 2021

The Australian Banking Association (ABA) supports the Government’s reforms to the National Consumer Credit Protection Act. So much has changed since 2009 that it is only sensible for the Government to review the legislative and regulatory framework. Ensuring the efficient flow of credit into the economy with strong consumer protections in place will assist Australia’s recovery from the pandemic.

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Consultation on the Data Availability and Transparency (DAT) Bill 2020

6 November 2020

The ABA supports the broad policy that public sector data should be able to be shared with appropriate safeguards if doing so is in the public interest, under the proposed regime (DAT regime). However, the ABA considers the Bill as drafted would significantly undermine Commonwealth regimes that have enabled effective business regulation in banking and other critical economic sectors. As such, the ABA strongly urges the Government to provide an exclusion for data that is covered by existing confidentiality provisions in regulatory regimes, such as section 56 of the APRA Act 1998, and consider alternative means of achieving this policy objective in relation to this class of data.

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Treasury RIS consultation on Enhancements to Unfair Contract Term Provisions

27 May 2020

The Australian Banking Association (ABA) supports an effective regulatory regime that provides consumers and small business with a strong level of protection from unfair contract terms (UCTs) in standard form contracts. In our view, making UCTs illegal and attaching penalties will result in a more legalistic approach to contracting and an adversarial process with regulators. We believe that a supervisory focused enforcement approach by regulators can best deliver improved outcomes for small business.

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