Sympli responds to ACCC investigation into PEXA
Sympli responds to ACCC investigation into PEXA’s anti-competitive conduct
Electronic conveyancing disruptor Sympli (the Company), welcomes reports of the Australian Competition and Consumer Commission’s (ACCC) investigation into PEXA’s anti-competitive conduct in the eConveyancing industry.
Competition is essential for an effective eConveyancing industry. For too long, the current monopoly has shut out competition in the market and limited outcomes and opportunities for customers, clients and the wider economy.
Sympli has provided evidence to the ACCC about the continued provocations of PEXA; its refusal to engage with vital industry bodies; and its deliberate spread of misinformation and falsehoods. We hope this investigation will restore order to an incredibly thorough, well managed and highly collaborative industry reform process that will deliver better outcomes for customers.
There is a clear, mandated path toward competition in the eConveyancing industry through the implementation of interoperability, however achieving better outcomes for the industry relies on the commitment, collaboration and input of all industry stakeholders, including PEXA.
Sympli Chief Executive Officer, Philip Joyce, said: “The ACCC’s investigation speaks to fact that the monopolistic behaviour of PEXA must change. Interoperability can only be achieved through the continuing participation of all industry stakeholders, including the market monopoly.
“Our commercial viability is dependent on timely interoperability implementation. We will not sit around and watch PEXA implement further delay tactics to protect its own market power. Allowing the monopoly operator to fundamentally drive the industry effectively shuts out competition in the market, and with that, value, innovation and outcomes for customers.
“We are pleased to be among industry stakeholders who share an equal commitment to generating outcomes that prioritise the safety, security and experience of our customers, and thank all stakeholders for their hard work to date. Customers deserve competition and innovation, and through interoperability, the industry can create value for customers.”
Interoperability is based on mature technology proven safe in delivering complex programs in a secure and timely fashion. Ministers have asked for Interoperability to be delivered as soon as possible and Sympli is developing the infrastructure and build requirements to ensure innovation and choice are delivered to the industry.
Media Inquiries: 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 bring experience in clearing and settling transactions with security, speed, reliability, and cutting-edge technology. The combination of the two bring 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