Council of Financial Regulators to review retail payments regulations
The Council of Financial Regulators (CFR) has today (24 September 2018) released an Issues Paper, Review of Retail Payments Regulation: Stored-value Facilities, for public consultation.
The Issues Paper is part of a CFR review of the regulatory framework for stored-value facilities, such as purchased payment facilities. 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.
In broad terms, 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 any 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; and
- to improve the transparency and clarity of regulation from the perspective of regulated entities, potential new entrants, and consumers and other users.
The CFR is the coordinating body for Australia's main financial regulatory agencies, and comprises the Reserve Bank of Australia (RBA), the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC) and the Australian Treasury.