Policy Update - March #2
Feedback sought: Buy Now, Pay Later reforms
FinTech Australia is preparing a submission in response to the Government's consultation on draft legislation to reform how Buy Now, Pay Later arrangements (BNPL) are regulated.
Last week we had an initial group discussion with members and will develop a draft submission based on the feedback received. If you weren't able to make the group discussion, please contact our policy team if you have any input or to set up an individual call before the consultation closes on 9 April.
ACCC announces 2024 Enforcement Priorities
The ACCC has released its enforcement and compliance priorities for 2024-25, including most notably:
Consumer, fair trading and competition concerns in relation to environmental claims and sustainability.
Scam detection and disruption, supporting the implementation of the National Anti-Scam Centre.
Promoting competition and investigating allegations of anti-competitive conduct in the financial services sector, with a focus on payment services.
Unfair contract terms in consumer and small business contracts.
Competition and consumer issues relating to digital platforms.
Second major Federal Court decision on crypto in ASIC vs Finder
Following the recent decision in the BlockEarner case, the Federal Court has handed down another significant decision regarding crypto assets by finding that Finder did not provide unlicensed financial services in relation to crypto-asset related product 'Finder Earn'.
ASIC had alleged that the Finder Earn product was a debenture. In response to the judgement, ASIC signaled it intends to continue crypto enforcement action to clarify the application of the financial services regime to crypto-assets.
Read more about the decision in our Policy Partner Gadens' recent insights article
Annual Superannuation Performance Test Consultation
Treasury has released a consultation paper on options for reforming the Annual Super Performance Test for MySuper products. The existing test compares performance against historical benchmark returns and median administration fees. The paper outlines a range of options to better assess performance, including alternative metrics and benchmarks for the test.
FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.
