• Hannah Phillips

An Open Banking System Regime in Australia

Treasurer Scott Morrison has announced the government will seek advice on implementing an open banking system regime in Australia today, and examine how such a framework can help boost competition and innovation in financial services for the benefit of Australian customers and businesses.

The government has commissioned an independent review to recommend the best approach to implement an Open Banking regime in Australia, with the report due by the end of 2017.

The review will be ably led by Mr Scott Farrell. Mr Farrell is a Partner at King & Wood Mallesons and has more than 20 years’ experience in financial markets and financial systems law.

Mr Farrell has given many years of service to the public and private sector in advising on, and guiding, regulatory and legal change in the financial sector.

He has intimate knowledge of the financial technology (FinTech) sector and is a member of the Government’s FinTech Advisory Group.

Mr Farrell will be supported by a secretariat located within Treasury and will draw upon technical expertise from the private sector as required.

The review will consult broadly with the banking, consumer advocacy and FinTech sectors and other interested parties in developing the report and recommendations.

An Issues Paper will shortly be made available for interested parties to provide input to the review.

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