Reported by Hall and Wilcox: ‘Regulated entities will be required to adhere to principle-based obligations, monitored and enforced by the ACCC.’
‘A regulated entity will be required to report and share information indicating possible detected scam activity with the ACCC, develop and implement appropriate governance arrangements for protecting Scam Prevention Framework (SPF) consumers against scams and take reasonable steps to prevent, detect, disrupt and respond to scams relating to its regulated service.’