In brief
On 13 September 2024, the Australian Government opened public consultation on the proposed Scams Prevention Framework (SPF). Exposure draft legislation and draft explanatory materials (“draft EM“) are available here.
The SPF introduces economy-wide reforms designed to combat scams and enhance consumer protections across multiple sectors including banking, telecommunications and digital platform services. Under the proposed regime, regulated entities in designated sectors will be required to take positive steps to detect, prevent and disrupt scams, with significant civil penalties for non-compliance.
Public consultation will close on 4 October 2024. The Government intends to introduce a final bill to Parliament later this year, but has not yet indicated when the SPF will come into force.
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