Greens Treasury spokesperson, Senator Peter Whish-Wilson, commented on the likely passage through the Senate of Treasury Laws Amendment (2018 Measures No. 2) Bill 2018 which will expand the FinTech regulatory sandbox.
Senator Whish-Wilson said, “In the wake of the Royal Commission, it looks like the first piece of legislation the Senate will pass is one with the sole purpose of further deregulating the financial market.
“The Government and Labor are both set to support an increase in the length and scope of exemptions from financial market licensing granted to FinTech.
“The so-called regulatory sandbox will be extended from 12 months to 24 months, and expanded to include a much wider range of products, including consumer credit.
“This opens the door for new forms of predatory lending to operate without a license.
“The FinTech Sandbox could well turn into kitty litter for spivs.
“If we’ve learnt one thing from the Royal Commission, it’s that we need a better regulated financial industry.
“You’d think that the Government and Labor might be focused on protecting consumers and investors rather than creating more loopholes for disreputable operators.”