The new Scams Prevention Framework

Federal Parliament has passed legislation establishing a Scams Prevention Framework (SPF) under the Competition and Consumer Act 2010 (Cth), marking a significant step forward in combating scams across key sectors.

The Government will now begin drafting SPF rules and sector codes for the initial three sectors. These will be subject to formal industry consultation.

The SPF adopts a multi-regulator model:

Regulators will be empowered to share information for enforcement and administration purposes, without the need to notify individuals affected by such disclosures.

For more information contact Rosemary Kanan.

This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice and should not be relied upon as legal advice. Formal legal advice should be sought in relation to particular transactions or on matters of interest arising from this communication.