Reforms to the Payment Systems (Regulation) Act 1998
The submission to the Treasury in response to the consultation paper titled “Reforms to the Payment Systems (Regulation) Act 1998” (the Consultation Paper), was prepared by the Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee), which was released on 7 June 2023.
The Committee welcomes and supports the initiative to update the Payment Systems (Regulation) Act 1998 (Cth) (the PSRA) to reflect the evolving payments landscape.
In the submission below, the Committee has sought to respond to questions posed in the Consultation Paper, to the extent that the Committee considers that:
- they raise legal issues; or
- based on Committee members’ experience in assisting clients to comply with the existing PSRA, the proposals set out in the Consultation Paper may have practical effects that warrant careful examination.