ACCAN recently responded to the Senate Standing Committees on Economics’ inquiry into the Scams Prevention Framework Bill 2024 [Provisions] (The SPF).
ACCAN supports the SPF, but we believe it would better meet its stated objectives by strengthening compliance measures and clarifying the ‘reasonable steps’ regulated entities are required to take to respond to scams, while retaining strong consumer protections.
To provide the strong economic incentives needed to drive action by telecommunications companies, financial institutions and digital platforms, ACCAN recommends that the SPF be amended to:
- Establish a presumption of reimbursement for scam losses, with limited exceptions where gross negligence can be demonstrated.
- Extend accountability to senior officers under the SPF.
- Further clarify what constitutes ‘reasonable steps’ to provide regulatory certainty.
Dowload: 
ACCAN submission to the Scams Prevention Framework Bill 2024 Provisions Consultation.pdf342.45 KB
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ACCAN submission to the Scams Prevention Framework Bill 2024 Provisions Consultation.docx227.28 KB