FSC and AFMA welcome Senate Select Committee report
The Financial Services Council (FSC) and the Australian Financial Markets Association (AFMA) have both welcomed the release of the Senate Select Committee on Financial Technology and Regulatory Technology’s interim report.
AFMA specifically welcomed Recommendation 14 for the Government to put in place a framework for the Council of Financial Regulators which would be supported by Austrade to regularly consider and report on Australia’s international competitiveness in financial services.
David Lynch, AFMA chief executive, said the development of Australia as a more “vibrant” centre for international financial services business would help the economic recovery from the COVID-19 pandemic.
“The provision of regular reports on our external competitive position will provide insights essential to the design of supporting Government policy and highlight the need for its early adoption,” Lynch said.
The FSC also noted the Committee’s commitment to addressing regulatory roadblocks faced by businesses and consumers by:
- Updating legislation and regulation to ensure it is more technology-neutral and allows greater legal use of virtual electronic signatures and the witnessing of official documents through videoconferencing and other secure means;
- Simplifying the payroll tax system across Australian jurisdictions to reduce the costs for financial services businesses; and
- Progressing the scoping and implementation of the Consumer Data Right for superannuation.
Sally Loane, FSC chief executive, said the Committee’s draft recommendations provided a forward-thinking framework to better enable technological transactions as well as streamline tax and regulatory requirements to support Australia’s economic recovery.
“The FSC is particularly pleased that the Committee has recognised the urgency of the development of a Corporate Collective Investment Vehicle (CCIV), to drive inbound capital investment,” Loane said.
“This is a long-standing Government commitment which has yet to be implemented and something the FSC has advocated for over a long period.
“Support for these changes will enable financial services businesses to meet the needs of consumers and compliance obligations more efficiently while driving long-term economic growth.”
AUTHOR
Chris Dastoor
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