Hamilton Locke has made a submission to Treasury on its Payments System Modernisation: Regulation of Payment Service Providers consultation paper, which provides detailed commentary on the future regulation of the payment industry.
This consultation paper presents a significant opportunity to discuss what appropriate legislative frameworks are required to:
- provide regulatory certainty and consistency to support the continued growth of the industry;
- protect consumers;
- promote competitive offerings;
- align the Australian regulatory framework with international jurisdictions;
- facilitate technology development and innovation;
- help encourage capital flows to Australia; and
- help solidify Australia as a competitive market that can grow and attract talent.
Read our submission here.
Playing a critical role in shaping the regulatory environment of the future
This submission to Treasury leverages our expertise and influence within the financial and legal sectors. Recognising the critical role the payments industry plays in the national and global economy, we recognise the importance of proactively engaging in the process of shaping the proposed regulatory framework.
Our submission highlights issues for further consideration and identifies opportunities for enhancing the regulatory environment to foster growth, ensure consumer protection, encourage healthy competition, and align with international standards. The proposed payments reform is critical to the evolving needs of the industry and positioning Australia as an innovative market. Given the importance of these reforms, it is critical any revised regulatory framework is fit for purpose, and we are privileged to participate in the process to help shape the regulatory framework of the future.
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Hamilton Locke’s Funds and Financial Services team are technical specialists that have a broad and deep understanding of payments regulation, together with other financial services regulations, which we use to provide practical solutions for a range of sectors, including payments, wealth management, credit, crypto and general insurance.
We are technical and industry-focused specialists that have a broad and deep understanding of the Australian regulatory environment and the impacts that it has on our client’s products and service offerings. Our financial services expertise is market leading, and we use our industry knowledge and expertise to deliver practical, compliant, and innovative solutions for our clients. We work with participants across the full-range of payment services.
For more information, please contact Jaime Lumsden, Michele Levine, Jessica Smith or Nicholas Pavouris.
