October 2017 Evolutionary trends in financial services: 3 years after the Murray Inquiry Kevin Davis University of Melbourne Australian Centre for Financial.

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Presentation transcript:

October 2017 Evolutionary trends in financial services: 3 years after the Murray Inquiry Kevin Davis University of Melbourne Australian Centre for Financial Studies & Monash University kevin.davis@unimelb.edu.au

The AFSI: Technology & Innovation “The Inquiry’s recommendations seek to provide more facilitative settings that enable financial firms to innovate – increasing competitive tension, delivering greater efficiency and enhancing user outcomes.” Focus on: government-business cooperation; removing regulatory impediments; supporting data-driven business models; regulator flexibility

Technology and Response ?

AFSI Recommendations - Innovation 14 Collaboration to enable innovation 15 Digital identity (federated-style model) 16 Clearer graduated payments regulation 17 Interchange fees and customer surcharging 18 Crowdfunding 19 Data access and use (PC review of costs/benefits) 20 Comprehensive credit reporting 38 Cyber security 39 Technology neutrality

Current Status 14 Collaboration to enable innovation ASIC regulatory hub (April 2015) ASIC Digital Finance Advisory Committee Govt Fintech Advisory Committee (2016) 15 Digital identity (federated-style model) Digital Transformation Agency public consultation on framework late 2017, Govpass platform (Govt announcement of facial recognition database plans?)

Current Status 16 Clearer graduated payments regulation In progress, and NPP E-Payments Code amendments -March 2016 (but still voluntary) (RBA/PSB metrics for regulator KPIs) (PC review of financial sector competition) PSB Dec 2016 consult on “wallet” arrangements and competition Banks ACCC application re ApplePay 17 Interchange fees and customer surcharging Done (RBA May 2016, effective July 2017). Cost-only surcharges, new interchange standards, (ATM charging changes)

Current Status 18 Crowdfunding Equity (done– with restrictions), commenced 29/9/17 (ASIC Report 544) (ASIC template CSF offer doc., guidance for CSF intermediaries) Debt (in progress), Insurance (unclear) Australian Market Licence framework? Initial Coin Offerings (ASIC 17-325MR)

Current Status 19 Data access and use (PC review of costs/benefits) Done, Open Banking Review 20 Comprehensive credit reporting In Progress (!) Exists but not compulsory; (PC - legislate mandatory if needed)

Current Status 38 Cyber security Australian Cyber Security Growth Network established (activities?) 39 Technology neutrality Treasury proposals consultation paper (mid 2016) re electronic distribution of company meeting notices and materials (opt-in, opt-out etc) – nothing since?