Navigating the complex and evolving regulatory landscape
The retail banking sector is grappling with an unprecedent amount of regulatory reform – from the introduction of the Design and Distribution Obligations Regime, proposed changes to the responsible lending laws, the gradual pull of previously unregulated products into ASIC's reach, a proposal to strengthen Australia's anti-money laundering laws and to top it off, a brand new breach reporting framework to implement and comply with.
We have seen new concepts of 'community expectations' come to permeate all aspects of the sector. We've also seen developments in relation to old ones, such as the obligation to act 'efficiently, honestly and fairly'. This raft of regulatory change has been coupled with an unprecedented increase in regulatory oversight and political scrutiny. It seems that now more than ever, the industry is in the spotlight with countless inquiries and consultations on foot and regulatory investigations underway.
All of this is happening against a backdrop of new technology that is being rapidly developed and is highly sought after. This has seen dramatic changes in recent years to what products are on offer, and how banking services are delivered. It has produced new partnerships and with the rise of 'regtech' solutions.
How we can help?
Our team of retail banking experts are tracking these developments closely and working with our clients to navigate the complexity of the current landscape. We are also plugged into these issues through our activity in all of the peak industry groups, and through our relationships with contacts at key regulatory bodies. We ensure our clients benefit from our broad experience across the sector through:
- providing advice on the regulatory issues affecting their businesses;
- acting as strategic advisors in key transactions;
- helping to implement regulatory change projects or partnering with them in working with regulators;
- managing breaches; and
- responding to investigations and disputes.
Deep dive into the banking regulation industry
Banking regulation timeline
Our timeline highlights all the major payment industry developments and products since 2013.
Podcast: payments series
Working with Linklaters, we discuss the key opportunities and challenges for the payments industry both here and in the UK.
Breach reporting
The when and what of the breach reporting regime.
'Winding back' responsible lending obligations
Simplifying Australia's consumer credit regulatory regime.