Developing regulatory standards for account aggregation and initiating industry wide compliance
Speaking notes from a presentation by Delia Rickard, ASIC's Deputy Executive Director, Consumer Protection, to the Australian Financial Review's BankTech 2001 conference, November 2001.
It's nice to be kicking off the account aggregation session with consumer protection issues. All too often these are left until last if they are considered at all.
My focus this afternoon is on how account aggregation services can be provided in a way that ensures that consumers can access the benefits of them without unknowingly exposing themselves to new risks.
In doing this I want to focus on what the Australian Securities and Investments Commission (ASIC) sees as some of the key consumer protection issues associated with account aggregation. Lest this sounds unduly negative though, I thought I would first spend a quick minute or two discussing ASIC's general approach to e-commerce issues and to account aggregation in particular.