Policy Update - July #1

FinTech Australia Responds to Accenture Report

On the morning of CDR Summit 2024, the ABA and Accenture released a report on the 'Strategic Review into roll-out of the Consumer Data Right' whereby findings found in the report that at the end of 2023 only 0.31% of bank customers were using CDR, high compliance costs forced difficult investment trade-offs and more.

In response to the paper, Rehan D'Almeida, CEO of FinTech Australia has contested the integrity of the data from the report, calling on the government to release factual figures surrounding the findings of the ABA and Accenture report.

Preparing for the next biannual Participant Report

CDR Participants are required to submit biannual reports for the ACCC under the purposes of rule 9.4 of the CDR Rulings. The upcoming reporting period covers from 1 January to 30 June 2024, these reports are due by 30 July 2024. 

There have been reported issues for some participants submitting their reports, the ACCC have strongly recommended that all participants log onto their CDR Participation Portal ensuring they have access by 16 July 2024. 

Statutory Review of the Meetings and Documents Amendments – consultation

Treasury has opened a consultation on the effectiveness of the amendments made to the Corporations Act 2001. The amendment affects relates to the online meetings on the conduct of company and registered scheme meetings, amending the:

• Corporations Amendment (Meetings and Documents) Act 2022 and

• Schedule 1 to the Treasury Laws Amendment (2021 Measures No. 1) Act 2021.

FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.