The primary challenger to the PEXA monopoly in conveyancing is fretting that the end 2025 deadline for interoperability between platforms will be thwarted.
“We have grave concerns around the December 2025 milestone” Philip Joyce, CEO of Sympli told Banking Day.
“We need urgent government intervention to ensure this competition reform stays on track. The NSW Government must explain why the enforcement powers developed for exactly this type of anti-competitive behaviour are not being used.
“PEXA’s disinformation campaign has successfully muddied the waters about what interoperability fundamentally is – the ability for users to share information across ELNOs. “
An ELNO is an Electronic Lodgement Network Operator of which there are currently two, Sympli and PEXA.
A third, Lextech, is in the throes of being recognised by the Australian Registrars’ National Electronic Conveyancing Council.
With the clock ticking, Philip Joyce is not restrained in his language.
“PEXA is the problem here – they are openly bullying government and industry to protect their profits. Government must meet this challenge head on to deliver benefits for customers” he said.
In a recent trading update, PEXA put its market share at a shaded over 90 per cent, reflecting that Tasmania and the Northern Territory are not yet part of the system.
In reality PEXA’s market share in the order of 99 per cent.