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Critical Infrastructure Bill 2020

12 February 2021

The ABA has recommended a number of changes be made to the Bill enshrining verbal assurances already provided by the Department of Home Affairs. The ABA also proposes early consultation with industry to ensure time and resources for compliance, and to ensure guidance as to what information the government may require from critical infrastructure entities and the nature of information sharing between government and critical infrastructure sectors.

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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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ACCC CDR consultation on how to best facilitate participation of third party service providers

7 February 2020

The ABA supports the inclusion of TPSPs within the CDR regime. TPSPs could play an important role in the efficient and cost-effective provision of services to consumers. The entry of TPSPs, with appropriate governance and consumer protections, will enable the development of a richer and more vibrant ecosystem.

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Corporate Criminal Responsibility Discussion Paper (DP 87) November 2019

7 February 2020

The ABA supports a principled approach to policy making on Commonwealth criminal responsibility. Such an approach stands to enhance confidence in the regulatory framework by providing consistent, predictable treatment of conduct across the regulatory landscape.

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OAIC Public Interest Determinations on International Money Transfers

24 January 2020

The applications seek new PIDs to permit ANZ - along with other authorised-deposit taking institutionswithin the meaning of the Banking Act 1959 (ADIs); and the RBA to disclose the personal information ofa beneficiary of an IMT to an overseas financial institution when processing an IMT, without breachingthe Australian Privacy Principles (APPs). The ABA strongly supports these two applications and urges the OAIC to issue new PIDs which would replace existing PIDs concerning IMTs that are due to sunset on 25 February 2020

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Supplementary submission to ASIC Consultation Paper 209: Update to RG 209 Credit Licensing: Responsible lending conduct

26 November 2019

The ABA strongly supports the retention of a principles-based approach to responsible lending through the legislative provisions contained in the NCCP Act, as well as in relation to relevant regulatory guidance, including in ASIC’s RG 209 and APRA’s APG 223 and APS 220.

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Capital treatment of mortgages under the First Home Loan Deposit Scheme

11 November 2019

The ABA welcomes further clarity on the capital treatment for guarantees under the Scheme. A clear understanding of the capital treatment is critical for an ADI’s mortgage product development and consequential approval under the scheme.

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Removal of the exemption for funeral expenses policies

18 October 2019

The ABA fully supports the removal of the exemption for funeral expenses policies from the defintion of financial products.

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Corporations Amendment (Design and Distribution Obligations) Regulations 2019

11 October 2019

The ABA welcomes the exclusion from the requirement to provide a Target Market Determination (TMD) of credit provided wholly or predominantly for business purposes. In implementing this legislation, it is important that the principle of scalability be flexibly applied and that clear guidance be given on this by ASIC. We welcome the clarification around the... Read more »

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