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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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ASIC Enforcement Review Taskforce

11 October 2019

The ABA supports stronger powers for ASIC and a strengthening of the regulatory framework for financial services and corporations laws generally as recommended by the ASICERT.

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Review of the pricing framework for electronic conveyancing services in NSW

1 October 2019

The most important issue for the ABA is that Australia adopts a nationally consistent approach to eConveyancing as it will drive competition, choice and price efficiency.

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Franchising Task Force Issues Paper – Response

20 September 2019

The ABA is committed to supporting an effective and fair regulatory framework in the franchising sector. The ABA supports the need to have input from franchisees on franchising policy and is open to assisting the Taskforce to understand the benefits of existing governance mechanisms such as Franchise Advisory Councils

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