Modernising Business Communications – ICB Submission to Consultation
Government deregulation priority of modernising business communications aims to reduce business costs and better reflect the way individuals and business want to engage and communicate digitally.
As part of the consultation process with key industry stakeholders the ICB submitted recommendations and views on the proposed reform agenda with legislation dealing with phase one to be finalised by the end of 2021.
To read the submission to consultation in full ICB – Modernising Business Communications
The ICB welcomes the policy intent to amend regulations to enable digital communication practices. We encourage the whole of Government to seek to embrace a standard communication protocol/practice and we provide the above thoughts as to the Communication Interoperability Framework as the foundation for the policy.
Phase One Agenda Announced
Recently announced by Treasury, the first phase of legislative reform will focus on the key areas raised by stakeholders which are implementation-ready. These include:
- Expanding the range of documents that can be validly signed electronically.
- Increasing the range of documents that can be sent electronically to shareholders and amending requirements to contact lost shareholders.
- Improving flexibility for customers when changing address and consenting to electronic communication with credit providers.
- Removing prescriptive requirements for notices to be published in newspapers, where suitable alternatives have been identified; and
- Addressing provisions in Treasury legislation where only non-electronic payment options are in place.