delete Financial Sector (Collection of Data) Regulations 2008
Regulates financial institutions' obligation to collect and report specified data to APRA, including customer information, transaction details, and risk management data.
Outdated 2008 regulation likely redundant given APRA's modern digital data systems and newer financial reporting frameworks. Compliance costs burden financial institutions without clear benefits, as objectives are likely achieved through automated reporting and less invasive regulatory tools. Risk of stifling fintech innovation and disproportionately affecting smaller institutions.