CP 260 Further measures to facilitate innovation in financial services

Released 8 June 2016. Comments due 22 July 2016

This paper seeks feedback from financial technology businesses, financial services providers, consumers and consumer representatives, and other parties on our proposed approach to facilitating innovation in financial services:

We are seeking feedback on:

• additional guidance about when we consider a responsible manager has appropriate knowledge and skills; 
• modifying our policies to allow some small-scale, heavily automated businesses to rely, in part, on sign-off from an appropriately experienced third party in order to meet their organisational competence obligation; and 
• a conditional, industry-wide exemption to allow new Australian businesses to test certain financial services for six months without holding an AFS licence.

Download

CP 260 (PDF 395KB) | Infographic – current financial services framework and ASIC’s proposals in CP 260 (PDF 1MB)

Report on submissions

Final RG 257