ePayments Code Review – consultation on drafting of changes to the Code
Today ASIC published Report 718 Response to submissions on CP 341 Review of the ePayments Code: Further consultation (REP 718), which highlights the key issues that arose out of the submissions we received and details our responses to those issues. A media release and REP 718 are available on ASIC’s website. With the benefit of stakeholders’ feedback, and in line with the responses we have set out in REP 718, we have prepared draft updates to the Code. Inviting your feedback We invite you to consider the drafting of the changes we have made to the Code in the attachment and provide us with feedback by no later than close of business on Friday, 25 March 2022. Please note that we are asking only for feedback on whether the draft wording we have used to make the changes is clear and aligns with the positions we have taken in REP 718. We are not seeking further feedback on the policy positions, or on other matters that have already been considered in Consultation Paper 310 Review of the ePayments Code: Scope of the review, Consultation Paper 341 Review of the ePayments Code: Further consultation and REP 718. Please note that, as the attachment is a draft, there may be formatting issues or unnumbered clauses. Stakeholders we are consulting with We are sharing this draft updated Code on a confidential basis with a targeted range of stakeholders, including small business and consumer representatives, banking, payments and fintech industry associations, a range of other industry organisations who have shown interest in ASIC’s review of the Code and the Australian Financial Complaints Authority.
Next steps We will consider the feedback we receive on the technical wording of the draft changes to the Code before publishing a final version in April 2022. Please contact me or my colleague, Matthew Newell, Senior Lawyer, if you have any concerns or wish to arrange to provide verbal feedback.
Jenny Lyons Senior Specialist – Credit and Banking Financial Services and Wealth Jennifer.Lyons@asic.gov.au Matthew.Newell@asic.gov.au (03) 9280 3356 (07) 3067 4920 Attachment: Draft updated ePayments Code