E-conveyancing reform is still a definite possibility

PHILLIP Joyce abides by a one-word mantra – belief.

It’s the principle fuelling the boss of e-conveyancing challenger Sympli after ARNECC’s shock move this month to pause long-awaited interoperability reforms.

“We’ve got a real belief in what we’re building,” Joyce told AC.

“I’ve run a lot of large projects in different forms during my career and they teach you nothing goes quite according to plan. Being prepared to navigate those obstacles is critical.”

Joyce describes being “frustrated but determined” after ARNECC announced it would not advance the industry revamp without federal government support, endorsing the view of state and territory ministers.

The reforms were initially put on hold in 2024.

They would have enabled practitioners on an electronic lodgement network operator to complete transactions with entities on other digital platforms in a bid to boost competition.

Sympli says without interoperability, the monopoly enjoyed by PEXA, Australia’s dominant property settlement platform, will be entrenched in the market.

Against this backdrop, Joyce says the regulator’s call has sparked reflection at Sympli about how to best progress towards the reform.

“In some respects I always use these moments to reflect on what could I have done differently, what could we have done differently, in terms of engagement with government – could we have told the story a different way,” he said.

“If there’s one big lesson I’ve taken from this, it’s that the voice of Sympli is not enough, unless there’s a real advocacy from grass roots. I don’t think politicians, government officials, are seeing the necessity for change.”

Joyce, formerly an ASX executive and high-ranking NSW treasury official, said a reset is underway at Sydney-based Sympli as it plots the path ahead.

The company wants now to have “a different conversation with the conveyancing industry”.

That is “because really the real beneficiaries of any reform is going to be customers – better prices, better choice, better resilience,” Joyce said.

“We’ve had a lot of calls, a lot of engagement, from conveyancers since the ARNECC announcement because it’s starting to bring home to people, that if they don’t add their voice to the argument, this industry could very well be left with one provider,” he said.

“That’s not good news for anyone. It’s not good news if there’s an issue, it’s not good news for prices, it’s not good news for choice.”

Sympli is the only challenger to PEXA, which holds around 99 per cent market share of digital transactions in Australia, in the $300 million settlement market.

The company opposes interoperability, saying e-conveyancing is already highly regulated and that pursuing the reform will not serve customers, home buyers or sellers.

Joyce, now five years in the top job at Sympli, remains unfazed by the incumbent.

“Every day is a new day,” he said.

“What feels like really bad news on one day, you wake up and look for the positives and where you can make a difference.

“We’ve still got that really strong belief that what we’re doing here is really good for customers and really good for the industry.”

He describes the benefits of reform as going beyond gains for conveyancers.

“When we deliver this reform it will leave a legacy of greater resiliency in one of the more important, if not the most important, transactions that anyone can undertake here in buying and selling a home,” he said.

“It’s surprised me that there’s not been more constructive engagement from the incumbent to ourselves to make sure that could happen.”