Joint Submission – Consultation on verifiable credentials policy – Department of Finance

The SMSF Association and Financial Advice Association of Australia (FAAA) welcomes the opportunity to make this submission in response to the Department of Finance’s consultation on developing a verifiable credentials policy.

Verifiable credentials (VCs) have the potential to deliver significant benefits, including greater trust,
enhanced privacy control and improved portability of information. However, these benefits will only
be realised if VC development and use are supported by a robust and trusted framework. It is therefore important that a Commonwealth VC Trust Framework is established to provide confidence, consistency and clear expectations across the ecosystem.