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Retail payment regulations under review

Retail payment regulations under review

Eliot Hastie
— 1 minute read

The Council of Financial Regulators has released an issues paper into their review of retail payments regulation.

The paper is part of the CFR review into the regulatory framework for stored-value facilities such as purchased payment facilities.

As part of the review, it will also consider the operation of several other aspects of the regulation of retail payment service providers.

The review aims to identify opportunities to simplify the regulatory framework and ensure it does not pose an undue obstacle to innovation and competitions.

It is also an opportunity to identify any changes necessary to enable regulation to adapt to developments in the payments market and identify opportunities to improve neutrality and transparency.

The CFR is a body for the regulatory agencies including RBA, APRA, ASIC. The treasury and the public consultation for the review is currently underway.

 

Retail payment regulations under review
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