pc
nid 92807
May 28, 2026
kgurnani@vixio.com
Australia
Federal Register of Legislation
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2095 charsAustralia's Department of the Treasury Designates Regulated Sectors Under Scams Prevention Framework
On May 28, 2026, Australia's Department of the Treasury brought into force the Competition and Consumer (Scams Prevention Framework—Regulated Sectors) Designation 2026 (F2026L00627). The designation, authorised under the Competition and Consumer Act 2010, establishes regulated sectors and sector regulators under Australia's Scams Prevention Framework (SPF).
The designation identifies three primary regulated sectors: banking, telecommunications, and digital platforms. For the banking sector, the instrument designates relevant banking services as a regulated sector and appoints a sector regulator responsible for SPF compliance. The telecommunications sector designation similarly identifies telecommunications services and designates a telecommunications sector regulator. The digital platforms sector designation covers designated instant messaging services, designated internet search services, and designated social media services, establishing the regulatory framework for these entities.
The instrument includes transitional application provisions for each regulated sector, establishing partial exceptions during the implementation period. These transitional provisions allow regulated entities in banking, telecommunications, and digital platforms time to align their operations with SPF obligations before full compliance requirements take effect. The framework establishes obligations for regulated sectors to implement scam prevention measures, including reporting requirements and consumer protection mechanisms.
The designation represents a significant step in Australia's regulatory approach to combating scams across critical sectors of the economy. Regulated entities in banking, telecommunications, and digital platforms must now prepare for compliance with SPF requirements as outlined in the designation and any accompanying regulatory guidance from their respective sector regulators.
REFERENCES:
Federal Register of Legislation. Competition and Consumer (Scams Prevention Framework—Regulated Sectors) Designation 2026. Available at: https://www.legislation.gov.au/
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2141 charsAustralia's Department of the Treasury Publishes the Competition and Consumer (Scams Prevention Framework-Regulated Sectors) Designation 2026
On May 28, 2026, Australia's Department of the Treasury brought into force the Competition and Consumer (Scams Prevention Framework—Regulated Sectors) Designation 2026.
The designation, authorised under the Competition and Consumer Act 2010 , establishes regulated sectors and sector regulators under Australia's Scams Prevention Framework (SPF). The designation identifies three primary regulated sectors
Banking: Specifies banking services and designates the relevant SPF sector regulator for banking.
Telecommunications: Specifies telecommunications services and designates the relevant SPF sector regulator for telecommunications.
Digital Platforms: Covers specific digital services, clearly defining and designating "instant messaging services," "internet search services," and "social media services."
The framework includes specific application, savings, and transitional provisions, outlining partial exceptions for the banking, telecommunications, and digital platform sectors to help them transition into the new regulatory requirements. These transitional provisions allow regulated entities in banking, telecommunications, and digital platforms time to align their operations with SPF obligations before full compliance requirements take effect.
The timelines of the phased approach is as follows:
March 29, 2026: Division 3, which relates to sector-specific codes, and section 58DB, which covers the Ministerial authorisation of External Dispute Resolution (EDR) schemes, apply immediately. This early commencement ensures that the required code-making delegations and External Dispute Resolution (EDR) scheme authorisations can be put in place.
September 1, 2026: Section 58BZG takes effect, meaning entities are obligated to have membership in a Scams Prevention Framework (SPF) External Dispute Resolution (EDR) scheme from this date.
March 31, 2027: The transitional partial exceptions will no longer apply. From this date forward, all provisions of Part IVF of the Competition and Consumer Act 2010 apply in full to the covered services across the regulated sectors, bringing all remaining obligations into effect.