Sympli comments on the latest profit and earnings result from PEXA, a monopoly operating in the e conveyancing sector
Thursday – 24 February 2022
Electronic conveyancing disruptor Sympli said PEXA Group’s first half year profit results reveal the industry monopoly was ‘’alive and well’’, but it also showed there is a lack of competition in the industry and its consumers that are paying the price.
With effectively only one player in the market, until interoperability is achieved through the mandated Ministerial timeline in 2023, it means super profits for the incumbent and significant financial rewards for their key executives who all have a major personal financial incentive to ensure true competition is blocked.
Rather than help everyday Australians, that are buying or selling their property, these executives are more interested in chasing larger profits in global markets for themselves and their shareholders.
Competition is essential to get better outcomes for customers in the e-Conveyancing industry. Those in the industry that want to improve value for customers are working together to achieve interoperability by 2023, in line with the agreed Ministerial timeline.
If the industry does not succeed in reaching its goal of interoperability consumers are left with a monopoly, which means higher prices, no innovation and no choice.
Sympli Chief Executive Officer, Philip Joyce, said: ‘’It’s plain to see what an advantage it is to be an incumbent monopoly. The latest profit results show it is alive and well. But in reality, it is customers that miss out when Australian regulators and government mandates for industry reform here in Australia are ignored by those in the industry that prefer to chase profits in global markets.
When that happens practitioners and their clients here in Australia are robbed of any real choice.
To get better outcomes for customers, we need interoperability and that will deliver competition to everyone in the industry, not just the major player.
Interoperability requires cooperation from all industry stakeholders and Sympli remains committed to collaboration and creating better outcomes for customers’’ said Mr Joyce.
Georgia Dillon | 0437 693 293 | Georgia.Dillon@fticonsulting.com
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