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ARNECC Model Participation Rules
2 March 2020 Private
The proposed amendments to the MPR are significant and the ABA is strongly opposed to Draft Version 6 of the MPR in their current form. ARNECC has not provided reasoning, analysis or a business case to justify the need for such significant changes. ARNECC has not explained the problems or risks that the changes seek to address or mitigate. The ABA is not aware of any instance of identity fraud in the electronic econveyancing system that would warrant such significant and costly changes.
Download PDFASIC Directions Power
28 February 2020 Private
The ABA supports the introduction of the new ASIC directions power, however clear expectations and important changes are needed to give industry confidence and clarity about how and when it will be used. General powers such as the directions power should not be used to undermine limits on specific powers.
Download PDFFinancial Regulator Assessment Authority
28 February 2020 Private
The ABA supports the Government’s creation of the independently chaired Financial Regulator Assessment Authority to regularly review and report on the performance of APRA and ASIC, however important changes are needed to ensure its success.
Download PDFHawking
28 February 2020 Private
The ABA agrees with the Commissioner’s general rule that ‘no financial product should be ‘hawked’ to retail clients’. Consistent with this rule, the legislation should be changed to provide that the existing anti-hawking provisions be retained for basic deposit products and non-cash payment facilities, and the new prohibitions should apply to all other financial products. The legislation should also be changed to ensure that, with the positive, clear and reasonably specific consent of a customer, banks can continue to have proactive discussions with customers about their financial situation.
Download PDFStrengthening Breach Reporting
28 February 2020 Private
In our view, however, the regime outlined in the exposure drafts: 1. Is inconsistent in important respects with the recommendations of the ASICERT; 2. Is so complex that licensees, as well as regulators, will have difficulty in applying it in practice; and 3. Will capture such a broad range of reportable situations as to be counter-productive, diluting ASIC’s source of intelligence on industry breaches.
Download PDFReference Checking and Information Sharing
28 February 2020 Private
The ABA supports the Government implementing a reference checking and information-sharing protocol for financial advisers, to the same effect as the ABA’s ‘Financial Advice — Recruitment and Termination Reference Checking and Information Sharing Protocol’, and that this be extended to apply to mortgage brokers.
Download PDFEnforceability of Financial Services Industry Codes (1.5)
28 February 2020 Private
As has been endorsed by Commissioner Hayne and the Treasury1, self regulation through industry codes is a speedy and flexible way for an industry to change behaviour and introduce new customer rights. The effective implementation of the Royal Commission recommendations on enforceable code provisions should be guided by two key objectives: 1. The preservation of the fundamental character of industry codes as primarily self-regulatory; and 2. The continuation of industry participation in the development and enforcement of industry codes.
Download PDFARS 115 Standardised measurement approach to operational risk
24 February 2020 Private
The ABA asks APRA to consider the ARS 115 consistency with the accounting standard and consistency with current data consultation outcomes.
Download PDFStandardised Measurement Approach to Operational Risk (ARS 115)
24 February 2020 Private
The ABA submission to the ARS 115 consultation asks APRA to consider the ARS 115 consistency with the accounting standard: and consistency with current data consultation outcomes. In particular, the current APRA consultations on quarterly data reporting and data confidentiality. Further, the ABA asks APRA to consider a more flexible implementation date for some ADIs. The complexity of some banks and the need for clarification of a number of issues mean some banks will need greater implementation time than provided by the 1 January 2021 due date.
Download PDFACCC consultation on Rule 9.4 draft reporting forms
23 February 2020 Private
The ABA recommends that the ACCC undertake a second round of consultation once they have considered the feedback received on this version of the draft reporting forms.
Download PDFSenate Economics Committee Inquiry into the Australian Business Growth Fund Bill 2019 [Provisions]
17 February 2020 Private
The ABA strongly supports the Government’s initiative to help small businesses grow by coinvesting with banks to establish this Australian Business Growth Fund. The Fund is designed to provide equity finance to qualifying businesses across a range of industries and locations.
Download PDFRevisions to APS 111 Capital Adequacy: Measurement of Capital
14 February 2020 Private
The ABA supports APRA’s review of the capital framework but asks for further consideration of investment in regulated subsidiaries.
Download PDFFinancial Accountability Regime
14 February 2020 Private
To ensure the full and effective implementation of the FAR, the ABA supports a regime that: • Consistent with the recommendations of the Royal Commission, is modelled on the BEAR and does not substantially diverge from the existing regime. • Enables clear identification of accountability at senior executive level. • Operates clearly together with other licensing, conduct and accountability requirements. • Is certain, with key elements set out in legislation rather than left to regulator discretion. • Is enforced and administered by ASIC and APRA in a coordinated way.
Download PDFACCC CDR consultation on how to best facilitate participation of third party service providers
7 February 2020 Private
The ABA supports the inclusion of TPSPs within the CDR regime. TPSPs could play an important role in the efficient and cost-effective provision of services to consumers. The entry of TPSPs, with appropriate governance and consumer protections, will enable the development of a richer and more vibrant ecosystem.
Download PDFCorporate Criminal Responsibility Discussion Paper (DP 87) November 2019
7 February 2020 Private
The ABA supports a principled approach to policy making on Commonwealth criminal responsibility. Such an approach stands to enhance confidence in the regulatory framework by providing consistent, predictable treatment of conduct across the regulatory landscape.
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