FSC calls for technological neutrality
The Financial Services Council (FSC) is urging that whatever changes are implemented by the current Financial Systems Inquiry, they should be technologically neutral so as to allow for future technology changes.
FSC chief executive John Brogden made the call at the same time as releasing new research commissioned by his organisation revealing the degree to which technology was impacting the Australian financial services industry.
"More than ever, consumers are relying on digital technology to meet their needs for personal shopping and financial services," he said. "Research commissioned by the FSC for the Murray Review shows the uptake of new technology by Australians has grown exponentially.
"Today, almost every Australian has access to the internet via a computer or smart phone. This compares to 1995 when 47 per cent of Australians owned a personal computer and 15 per cent of households had a modem," Brogden said.
"It is critical that the regulatory framework underpinning the delivery of financial services to consumers is drafted to reflect rapid developments in technology and high engagement from consumers with digital technology," he said. "Developments in technology have outpaced developments in regulation."
AUTHOR
Mike Taylor
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