Treasury is consulting on a draft Competition and Consumer (Scams Prevention FrameworkâRegulated Sectors) Designation 2025 which prescribes banks, telecommunications providers, and some digital platforms (initially social media, instant messaging and internet search engine services) as the first sectors to be regulated by 1 July 2026 under the Scams Prevention Framework (SPF) under the Competition and Consumer Act 2010. Background.
The instrument designates the banking sector as a regulated sector under the SPF. The banking sector is comprised of banking services provided by authorised deposit-taking institutions (ADIs). This designation makes ADIs subject to the SPF obligations in relation to their banking services.
Designating the banking sector under the SPF requires that ADIs use appropriate and proactive anti-scam measures and adhere to the SPF principles and SPF code (if made).
Treasury is also asking for feedback on how the proposed external dispute resolution arrangements will work with the Australian Financial Complaints Authority as the single external body to deal with complaints not resolved at the industry level.
The Australian Securities and Investments Commission (ASIC) is the SPF sector regulator for banking, the Australian Communications and Media Authority (ACMA) is the SPF sector regulator for telecommunications, and the Australian Competition and Consumer Commission (ACCC) is the SPF sector regulator for digital platforms.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
