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Financial services regulation
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Response to Treasury: Privacy Impact Assessment – Consumer Data Right
18 Jan 2019 - It is important that the Consumer Data Right appropriately balances efficiency in the transfer of data and the risks to consumers’ privacy. The Privacy Impact Assessment (PIA) is an important step in achieving this balance.
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The digital economy and Australia’s corporate tax system
13 Dec 2018 - Banks in Australia contribute a significant quantum of total corporate taxes paid in Australia and do not structure their tax affairs through low taxing jurisdictions. They were, therefore, not the obvious target of the recent OECD Base Erosion and Profit Shifting (BEPS) actions.
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Credit and financial services targeted at Australians at risk of financial hardship
14 Nov 2018 - All Australians should be afforded consistent consumer protection, no matter which credit or financial services provider they choose. For customers at risk of financial hardship, these consumer protections are particularly important.
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Regulations for Design and Distribution Obligations and Product Intervention Powers
13 Nov 2018 - These regulations would extend the operation of the Design and Distribution Obligations to additional financial products. This submission outlines the ABA's concerns regarding some aspects of this proposal.
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Consumer Data Right Industry Designation
23 Oct 2018 - The ABA believes that each industry would be better served by a designation tailored to their industry, rather than a broad instrument that is attempting to serve as a template.
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Design and Distribution Obligations and Product Intervention Powers (Senate)
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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Updated Consumer Data Right Exposure Draft
16 Oct 2018 - The ABA believes that having a well-designed reciprocity mechanism within the CDR is key to ensuring customers reap the full benefits of the data that is held regarding them.
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Consumer Data Right Rules Framework - ABA response to ACCC
12 Oct 2018 - ABA members believe that the CDR is a transformative reform and are committed to its success. The CDR has the potential to fuel innovation across the economy and benefit customers through an expanded choice of products and services.
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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 (Treasury)
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.
