The ACCC has released a final determination re-authorising Gateway Network Governance Body Limited (GNGB) to make and give effect to certain clauses of the revised Memorandum of Understanding – an agreement between GNGB and Gateway Operators, which sets standards for Gateway Operators’ participation in the Superannuation Transaction Network (Network). Authorisation is granted for 10 years, until 28 October 2031.
GNGB is an industry-owned organisation that manages the integrity of the Network through which superannuation data is exchanged between employers and superannuation funds. Gateway Operators operate the entry/exit points of the Network on behalf of employers and funds, and range from large banks to small business operators and fintechs.
This conduct has been previously authorised since 2016. However, there are amendments to clauses that prescribe GNGB’s role, GNGB’s powers and remedies in respect of default events, and the dispute resolution processes.
The ACCC considers that the conduct is likely to result in public benefits in the form of increased likelihood of compliance with the Gateway Standard by Gateway Operators, and improved operational efficiency of the Network and potential cost savings. The ACCC considers that the proposed conduct is likely to result in minimal public detriment.
The ACCC’s determination is available on the ACCC public register at Gateway Network Governance Body Limited