Financial Rights submission to Australian Treasury: Payments System Review Issues Paper considers problems consumers face including an inability to quickly and efficiently resolve issues when
things go wrong with the current regulated payment system and the impact on consumers of new payment systems. Many of the systemic issues faced by consumers are fundamentally borne of
regulatory oversight in place, the lack of oversight or the gaps in the complex regulatory regime. We posit that given the ongoing nature of many of the problems and their lack of effective redress, the issue may lie with the effectiveness of the regulatory framework itself – including in particular the flaws of co-regulation and self-regulation.
