Original article by Joyce Moullakis
The Australian – Page: 17 & 20 : 19-Aug-19
Australian Competition & Consumer Commission chairman Rod Sims has indicated that it may seek to become more involved in the electronic property settlement market. Revenue from e-conveyancing is estimated to be around $270 million a year, with PEXA seen to be effectively operating as a regulated monopoly. A review commissioned by the National Electronic Conveyancing Council found that enabling a competitive market within the sector may not necessarily be a good thing, although David Wills, the CEO of Sympli contends that consumers will benefit from competition and interoperability.
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, PROPERTY EXCHANGE AUSTRALIA, NATIONAL ELECTRONIC CONVEYANCING COUNCIL, SYMPLI, ASX LIMITED – ASX ASX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA