Innovation and regulation
A speech by John Price, Commissioner, Australian Securities and Investments Commission, Adelaide Fintech Meet-up (Adelaide, Australia), 11 November 2016
I’m excited to be speaking to the financial technology (fintech) community in Adelaide – especially as the scale and pace of innovation in the fintech sector today present unique regulatory challenges. At ASIC, we are committed to promoting innovation and the benefits it generates without compromising the proper regulation of financial products and services. In fact, we believe that sensible, appropriate regulation can improve demand for innovative services by increasing consumer trust and confidence in those services and the businesses that provide them.
We want to avoid instilling an ‘us (fintech innovators) versus them (regulators)’ mentality. We are encouraging fintech businesses to see regulatory requirements as part of putting customers’ interests first, and building trust and confidence in fintech.