Policy Update - June #1
Buy Now, Pay Later Bill introduced
The Government has introduced the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 to reform how Buy Now, Pay Later arrangements (BNPL) are regulated. The legislation has not changed significantly from the draft amendments consulted on earlier this year.
Digital ID Bill passes
Last month the Digital ID Bill 2024 passed parliament to establish an enabling framework for the Australian Digital ID System. The new legislation is expected to commence by November 2024.
From commencement, the ACCC will be the Digital ID Regulator alongside the OAIC. Accredited private businesses will be able to apply to join the Australian Government Digital ID System within two years.
Delivering Better Financial Outcomes Consultation (Tranche 1)
The Australian Government has opened a consultation into the Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024. The draft regulations will cover:
Documentation guidelines for the purpose of the Superannuation Industry (Supervision) Act 1993 continue to be met electronically.
Proposal for advisers to make FSGs easier to provide for retail clients in line with Website Disclosure Information.
Remove the requirement for advisers to provide Fee Disclosure Statements as part of an ongoing fee arrangement, update record-keeping guidelines for new consent requirements, and remove references to civil penalties
FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.
We recently made submissions on:
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.
