Policy Update - April #1
FinTech Australia presents to Treasury on stakeholder engagement, fintech priorities
Our Policy Lead, Nick Kavass, recently delivered a presentation to Treasury's Capital Markets, Payments and Financial Innovation Branch on stakeholder engagement and fintech policy priorities for 2023. This Branch is responsible for payments, digital assets and financial innovation policy.
The Treasury is committed to working with the FinTech industry and other stakeholders, on the key issues to underpin the continued innovation in financial services. With a busy reform agenda for the year ahead, they are keen to engage more closely with the fintech community in upcoming consultations.
Senator Bragg introduces revised crypto regulation Bill
Senator Andrew Bragg last week introduced to the Senate a revised version of the crypto regulation Bill. The Bill addresses some of the feedback received, including from FinTech Australia, during a consultation late last year.
The Bill is a private member's bill and not a Government bill. Private members' bills are not law unless they gain the support of the majority of members and pass the Senate.
The Bill has now been referred for inquiry to the Senate Economics Legislation Committee, with its report due 2 August 2023.
Consultation on proposed amendments to AFCA Rules and Operational Guidelines
AFCA has commenced consultation on changes to its operational rules and guidelines. These changes are being implemented in response to the 2021 Independent Review of the AFCA Scheme, which made 13 recommendations to improve AFCA's procedures.
The changes proposed include:
Strengthening AFCA's ability to deliver procedural fairness and manage unreasonable and inappropriate conduct;
Dealing with complaints where an appropriate offer of settlement has been made or where issues in dispute have been previously settled;
Excluding complaints lodged by professional or sophisticated investors; and
Providing clarity about the effect of AFCA determinations and ensuring complaints are finalised in a more timely and efficient manner.
