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September 24, 2018

APRA published a consultation, by the Council of Financial Regulators, on an Issues Paper that is part of a review of the regulatory framework for stored-value facilities, such as purchased payment facilities. Council of Financial Regulators, which is the coordinating body for the key financial regulatory agencies in Australia, comprises APRA, the Reserve Bank of Australia (RBA), the Australian Securities and Investments Commission (ASIC), and the Australian Treasury. Comments must be submitted by October 19, 2018.

The review will also consider the operation of a number of other aspects of the regulation of retail payments service providers that may have the potential to be improved or clarified. The review has the following objectives:

  • To identify opportunities to simplify the regulatory framework for stored-value facilities
  • To ensure that regulation does not pose an undue obstacle to innovation and competition, while maintaining appropriate levels of consumer protection and system-wide safety
  • To identify changes necessary to enable regulation to adapt to recent and prospective developments in the payments market, including those associated with advances in technology and new participants
  • To identify opportunities to improve the "competitive neutrality" of regulation
  • To improve the transparency and clarity of regulation, from the perspective of regulated entities, potential new entrants, and consumers

This review will inform recommendations of the Council to the government on the regulatory framework for stored-value facilities and, potentially, a number of other areas relevant to the regulation of retail payments service providers that may have room for improvement. It is expected that interested parties will have further opportunity to comment on specific changes to the regulation administered by relevant agencies that may arise from the recommendations of this review. Stored-value facilities potentially encompass a wide range of facilities in which stored funds are used to make payments.

 

Related Link: Notification

Keywords: Asia Pacific, Australia, PMI, Banking, Stored-value Facilities, Payments Regulation, Retail Payments, Council of Financial Regulators, APRA

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