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.
The ABA provided comments on the Federal Government's Independent Expert Panel’s review of the financial system external dispute resolution framework, led by Professor Ian Ramsay.
The ABA provided comments to the Productivity Commission's Issues Paper on Data Availability and Use. The Issues Paper outlined that a significant public benefit could arise if data collected and stored by government, public bodies and private sector institutions were made more accessible to individuals, third parties and to the general public. The ABA agrees.
The ABA provided the Senate Foreign Affairs, Defence and Trade References Committee with its comments on the Proposed China-Australia Free Trade Agreement (ChAFTA).
The ABA's submission places Australia's economy in a global context and discusses the opportunities for growth and the financial services sector from ChAFTA.
The ABA lodged its submission to the Parliamentary Joint Committee on Corporations and Financial Services inquiry into the impairment of customer loans. This submission addresses the key issues for the inquiry, including business lending in Australia, bank lending practices and the responsibilities of banks in providing loans to businesses, the role of third parties and existing protections for customers.
Open Banking will allow customers, at their request, to share their personal information with other financial institutions to allow them to find a better deal on expenses such as electricity bills, telecommunications and other items.
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