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Design and Distribution Obligations and Product Intervention Powers (Senate)

18 October 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 October 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 October 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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APRA Discussion Paper: Revisions to the related entities framework for ADIs

4 October 2018

The ABA is cognisant of the size and complexity of the task APRA has in finalising and calibrating a number of significant reforms to the Australian prudential framework. The ABA looks forward to continued dialogue to ensure an appropriate implementation of the capital framework for Australian ADIs.

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Royal Commission Round 5 – Superannuation

21 September 2018

In a market where many customers are disengaged and use a default fund, visiting a bank branch may be one of the few occasions where they can have their attention drawn to their superannuation.

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Consumer Data Right Exposure Draft Response

7 September 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 August 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.

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Royal Commission Round 4 – Rural and Remote Communities

3 August 2018

Many of the poor outcomes experienced by consumers in the Round 4 case studies are likely to be improved with the implementation of industry reforms currently in train.

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ABA Response to Australian Financial Complaints Authority rules consultation

6 July 2018

The ABA appreciates the opportunity to comment on the proposed AFCA rules and expresses our view that its operation should be efficient and effective and that decision processes should be transparent and clear as this is in the best interest of customers.

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Introducing an economy-wide cash payment limit

5 July 2018

The ABA supports the Government’s announcement of an economy-wide cash payment limit of $10,000 for payments to businesses for goods and services, to apply from 1 July 2019. However we raise four points around the operation of the $10,000 limit to ensure it meets the Government’s intentions and does not lead to any unintended consequences or unnecessary red tape.

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