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ABSIA made a submission to the Senate Select Committee on Financial Technology and Regulatory Technology issues paper two on 11 December 2020. 

This submission answered points relevant to our members and raised additional issues. In summary this submission covered:

  • R&D tax incentives should be more readily available to software developers;
  • The ACCC and Treasury should take a step back and consider how the proposed rules for intermediaries will effect them and take time to better consult with intermediaries;
  • The 2020 Cyber Security Strategy does not provide sufficient support for SMEs. There is an opportunity for the Government to better support SMEs with cyber security;
  • The most appropriate place to start implementing rules as code is the calculate of employee entitlements;
  • ABSIA supports the development of the accreditation or a rating system for RegTech products offering award interpretation functionality;
  • The industry needs a better way to communicate with the Fair Work Commission and the Fair Work Ombudsman to clarify ambiguous clauses. We have laid out options that could achieve this; and
  • The over regulation and duplication of existing frameworks and standards is a barrier to entry for software developers and startups looking to participate in many initiatives. The focus for regulators should be on re-use and not re-invent to avoid putting regulatory burdens on software developers. 

Access the full copy of the submission here