ASIC Consultation Paper 350 Consumer remediation

In February 2022, we responded to ASIC’s Consultation Paper 350 Consumer remediation.

Previously, in Consultation Paper 335 Consumer remediation: Update to RG 256, ASIC consulted on key issues identified for updating in Regulatory Guide 256 Client review and remediations conducted by advice licensees. ASIC subsequently prepared an updated draft regulatory guide on consumer remediation, for further consultation.

Our submission focused on the use of automatic payments and cheques for remediation. Expressing strong in-principle support for technology neutrality in regulations, we recommended that this technology neutral approach be extended to the regulatory guide as it referred to payment methods, especially where it cited payment by cheque.

AusPayNet’s submission is available below.