Sympli comments on ACCC’s findings regarding Dye & Durham’s proposed acquisition of Link Administration Holdings
Thursday – 8 September 2022
Electronic conveyancing disruptor Sympli (the Company), welcomes the announcement of the ACCC’s findings regarding Dye & Durham’s proposed acquisition of Link Administration Holdings (Link). The ACCC’s decision to approve the acquisition subject to a court-enforceable undertaking from D&D to divest its existing Australian business is an important recognition of the threat of vertical integration displacing conveyancers.
Today’s announcement is timely recognition of the importance of competition in the eConveyancing industry. Through this decision, the ACCC acknowledged customers in Australia deserve a national industry that offers competitive prices and quality service delivery, while protecting practitioners against the specter of vertical integration.
The next stage for a competitive market is an effective Electronic Lodgement Network Operator (ELNO) enforcement regime as soon as possible and achieving meaningful outcomes from Interoperability in mid-2023. This will allow industry stakeholders to implement a safer and more resilient ecosystem, thus enabling better outcomes for everyone involved in the eConveyancing process, from home buyers and sellers to banks and practitioners.
Sympli Chief Executive Officer, Philip Joyce, said: “The ACCC announcement recognises that further entrenching PEXA’s monopoly over digital conveyancing and related services, through a more fulsome acquisition by Dye & Durham, is not in the best interests of the Australian conveyancing sector.”
“Sympli has made it very clear we will not try to muscle in on the services provided by conveyancing practitioners. Given this finding by the ACCC, PEXA will now find it harder to do so, as they won’t be as strongly incentivized to vertically integrate with Dye & Durham’s LegalTech product and services.
“Competition is vital in the Australian eConveyancing industry, and all industry stakeholders are tirelessly working toward a more competitive industry, initially through the delivery and implementation of interoperability. It is critical for users to be able to work on their platform of choice while collaborating with parties on a different platform.”
“Sympli firmly believes that customers deserve a national eConveyancing industry that offers the best outcomes, and those can only be achieved through a fair and competitive market. Sympli continues to work collaboratively with all industry stakeholders on delivering better outcomes for the sector and our valued customers.”
Sympli is the result of a collaboration between InfoTrack and ASX. We want to create more opportunity, add value and represent the market with an e-Settlements service from which practitioners across Australia can benefit.
InfoTrack is Australia’s leading provider of e Conveyancing technology and services and has been creating software for the legal and financial industries for over 18 years. InfoTrack has a focus on simple, end to end solutions, leveraging expertise to craft a truly integrated e-settlements platform that you can trust.
As one of the world’s leading financial exchanges, the ASX brings experience in clearing and settling transactions with security, speed, reliability, and cutting-edge technology. The combination of the two brings you Sympli: the next generation e-settlements solution delivering healthy competition, reliability, security and value to the industry. For more information visit www.sympli.com.au