Review of Retail Payments Regulation: Stored-value Facilities
On 24 September 2018, the Council of Financial Regulators (CFR) 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
- to improve the transparency and clarity of regulation, from the perspective of regulated entities, potential new entrants, and consumers and other users.
Written submissions to the Issues Paper closed on 19 October 2018. The CFR received 9 submissions.
Submissions Received
Ant Financial
23 October 2018
Australian Payments Network
19 October 2018
Rhys Bollen
19 October 2018
Commonwealth Bank of Australia
19 October 2018
iSignthis
19 October 2018
Peter Mair
8 October 2018
OFX
19 October 2018
PayPal
19 October 2018
Shopping Centre Council of Australia
24 October 2018