Statutory Review of the Consumer Data Right
20 May 2022
The ABA makes a number of recommendations to improve the rollout of the Consumer Data Right, including prioritising changes that benefit consumers the most, simplify and streamline regulatory requirements and prioritise broader payments reforms before rolling out write-access.
Download PDFExtension of the Consumer Data Right to non-bank lending
14 April 2022
Response to Treasury's consultation on the extension of the Consumer Data Right to non-bank lending. In this submission, the ABA responds to some issues raised in the discussion paper and provides comment based on the experience of banks in implementing the CDR.
Download PDFSupporting business adoption of electronic invoicing (BER)
25 February 2022
The ABA provides feedback to Treasury regarding the proposal to introduce a Business EInvoicing Right to accelerate business adoption of Peppol international eProcurement framework. The ABA strongly supports initiatives aimed at increasing business awareness and accelerating the adoption of eInvoicing; however, considers it premature to mandate a BER at this point in time.
Download PDFImproving the technology neutrality of Treasury portfolio laws
13 December 2021
The ABA remains very supportive of the Treasury’s ongoing efforts to improve the technology neutrality of the Treasury portfolio and look forward to further engagement on this, and subsequent, tranches of legislative change. Industry’s main comments regard allowing: • (under National Credit Code (NCC)) the ‘publish and notify’ and ‘in any other way agreed to’ methods of communications which are permitted under the Corporations Act; • more than one address to be used at any given time, which may be appropriate depending on the type of communications; and, • communications via secure portals instead of an email address, as securely housing certain notifications and communications within the credit providers (CP) information system, where it can be retrieved by customers after appropriate authentication, better balances the need for accessibility, security and technology neutrality.
Download PDFInsolvent Trading Safe Harbour
1 October 2021
Key points: • The eligibility requirements to trigger the safe harbour protections are too onerous and should be amended • Use of the safe harbour should be made more cost effective • The safe harbour regime would be improved by reducing complexity and providing more certainty in interpretation • The safe harbour regime should provide for better incentives for the involvement of professional advisers • Provide for advice to be obtained from a registered liquidator to ensure that it is appropriate • Increase awareness of the safe harbour regime • Any changes to the disclosure requirements for safe harbour should recognise that disclosure of the safe harbour restructuring plan is not appropriate in all circumstances • Consider shifting the burden of proof to establish safe harbour defences to insolvent trading
Download PDFUnfair Contract Terms – FICA Submission
1 October 2021
While individual FICA members have provided their own detailed submissions, and these highlight several specific issues relevant to their membership, the purpose of this submission is to outline the key areas of common agreement between FICA members and suggested next steps. Topics covered include: - Introduction of civil penalties - Flexible remedies – Rebuttable presumption - Flexible remedies - Injunctions - Existing remedies available under the UCT regime - Definition of Small Business and Monetary Value of Contracts - Transitional provisions
Download PDFImproving Schemes of Arrangement
22 September 2021
The ABA suggests that in finalising the proposal an updated analysis of the existing Scheme regime would be of benefit to consider current market practices which may have evolved since the Productivity Commission’s 2015 report ‘Business Set-up, Transfer and Closure’.
Download PDFTreasury Laws Amendment Bill 2021
10 September 2021
The ABA supports the proposed amendments being considered by Parliament expeditiously to give industry ample time to implement changes to comply with the reforms. As such the ABA strongly supports the proposed bill being finalised and introduced into Parliament as soon as practicable. However, the ABA also asks Treasury to consider making a number of further amendments and clarifying a small number of matters in the Bill. Doing so would enhance the effectiveness and benefit of the Bill for industry.
Download PDFDeferred Sales Model Exemptions
9 August 2021
The ABA supports the Government’s proposed regulations to exempt insurance products from the deferred sales model that provide high value and are well understood by consumers. This provides a more targeted approach to add-on insurance products subject to the deferred sales model and will address consumer harms and poor value identified by the Royal Commission without affecting the availability and accessibility of high value insurance products. However, the ABA considers there is further room to refine the proposed regulations in relation to business insurance.
Download PDFOpt-Out Joint Account Data Sharing Model
26 May 2021
Whilst the ABA supports the principle of a simple CDR, we question the ability to develop a ‘one-size-fits-all-sectors’ approach to joint accounts. The ABA supports retaining the current opt-in approach. The proposed opt-out approach is not supported on the basis that it undermines the foundational principle of the CDR, which is informed consent. We are of the view that it is not feasible to nominate an industry preferred option at this point.
Download PDF