Policy Update - April #2

ACCC announces this year's CDR priorities

In its latest CURB Newsletter, the ACCC outlined its key priorities in relation to CDR for 2024-25:

• Data quality issues that impact CDR use cases,

• Data holder processes; particularly data holders with high rates of authorisation process errors,

• Failure to meet compliance dates; particularly in relation to banking data holders who have not activated for consumer data sharing, and

• Conduct of CDR representative principals and CDR representatives.

The ACCC will also conduct regular, smaller compliance checks on audits and targeted compliance reviews. ACCC’s focus for the next six months are:

• Product reference data quality 

• Energy data holder authorisation processes 

OAIC consults on changes to the Credit Reporting Code

The Australian Information Commissioner (OAIC) has opened a short consultation on ARCA's proposed amendments to the Privacy (Credit Reporting) Code 2014 (the CR Code).

Notably, the proposals include amending the CR Code to introduce a limited soft enquiries framework to replace the existing 'Access Seeker' provisions. This change could have significant implications for fintech lenders, brokers and PFMs who rely on the Access Seeker model to provide indicative pricing/quotes and eligibility assessments.

FinTech Australia plans to make a short submission before consultation closes on 7 May. If you are interested in this consultation, please contact us.

Competition Review consultation on non-compete clauses

The Competition Review Taskforce has released an issues paper to consider whether reform is required in relation to non-competes and other restraint of trade agreements between businesses and workers, and no-poach and wage-fixing agreements.

FinTech Australia is considering whether to make a submission. Please reach out if you have a view on this consultation.

We recently made submissions on:

1. Buy Now Pay Later regulatory reforms

2. NSW Innovation Blueprint

3. ACCC Designated Complaints determination

4. Inquiry into Payments Systems (Regulation) Act amendments

5. Payments System Modernisation (Regulation of Payment Service Providers) consultation paper

6. 2024–25 Pre-Budget submission

7. Regulating Digital Asset Platforms - Proposals Paper

8. Reforms to the Payment Systems (Regulation) Act 1998 – Exposure draft legislation consultation

9. Screen Scraping - Policy and Regulatory Implications

10. CDR rules - Expansion to the non-bank lending sector

See our recent submissions on our website.

FinTech Australia regularly makes submissions to consultations across a wide range of policy and regulatory issues. Communications about how to get involved in these processes are distributed to our Policy Working Group membership.