Government News

Testing for the new open banking regime will not be completed by its original planned date of February, with the ACCC delaying…

The competition regulator has delayed the start of key open banking reforms, which allow customers to have control of their data, by…

Speaking at a business forum at the 32nd Australasian Finance and Banking Conference in Sydney on Monday (16 December), Mr Kearns said…

The Senate Select Committee on Financial Technology and Regulatory Technology (the Committee) is considering the current and future government approach to FinTech and RegTech in Australia, and is inviting submissions until 31 December 2019.

Microsoft chief executive Satya Nadella has urged government’s to play a greater role in controlling and protecting the use of citizens’ personal…

The consumer watchdog says it’s finalising the build for the accredited register list of participating data receivers. With the Consumer Data Right…

Just when the banking sector thought the worst was over following the Royal Commission, the industry looks set to come under the spotlight again. Not only has the Federal Treasurer asked the ACCC to investigate the failure of banks to pass on rate cuts to borrowers, but they are also facing the prospect of further scrutiny from the boss of the competition regulator, Rod Sims ,as he presses the government to support his calls for an inquiry into the barriers to entry imposed by the “big 4” in retail banking.

A new sheriff is in town in the form of ever-evolving data privacy legislations and the implicit implications from the recent findings of the ACCC Digital Platforms Inquiry. The presence of data privacy legislation, in the form of the Notifiable Data Breach Scheme and the announcement of the Consumer Data Right in Australia, General Data Protection Regulation (GDPR) in Europe, and the impending California Consumer Privacy Act in the United States, have, and will continue to have, an important impact on the way companies interact and engage with their customers and consumers.

The most recent report on residential mortgage pricing, published by the competition regulator less than a year ago, rings ominous bells for the big banks as they prepare for another inquiry, announced on Monday.

Treasury and the competition and privacy regulators are preparing a communications blitz to encourage bank customers to use the government’s “open banking” policy to switch away from the major banks. […] “The expectation is as we get closer to the launch date [February for open banking], it will start to become more prevalent and widely known,” Stephen Bordignon, executive director for the CDR at the ACCC, told the Future Banking Forum.