The Financial Planning Association of Australia The Financial Planning Association of Australia

Inquiry into FinTech a boon for Australian consumers

The Financial Planning Association of Australia (FPA) welcomes the creation of a Senate Select Committee on Financial Technology and Regulatory Technology as recognition of the critical roles Fintech and RegTech play in delivering affordable, high-quality financial advice to Australian consumers.

The motion to form the dedicated Senate Committee was proposed by NSW Senator Andrew Bragg and passed in Parliament around 4pm yesterday.  The Committee will examine how FinTech and RegTech can benefit Australian consumers and businesses, and report back to the Senate in October 2020.

FPA CEO Dante De Gori CFP® said: “Fintech is already playing an important role in the evolution of the financial planning profession and the Australian economy. According to FinTech Australia there are over 400 fintech businesses across Australia already and the industry is growing rapidly, so this is an important acknowledgement of an existing and future reality.

“Fintech can help financial planning professionals deliver more affordable and accessible high-quality advice to Australian consumers, but it’s important that regulations keep up with the new technology.

“It is great to see Senator Bragg and his Senate colleagues recognise this developing area and pay it the attention it deserves. The Committee has our full support, and we welcome any invitation to provide input on behalf of our members,” he said.

The FPA has long supported the opportunities that FinTech and RegTech hold for the financial planning sector. In 2017, the FPA launched a report and mapping tool to help members analyse the benefits, select and use fintech in their businesses.

In 2018 the FPA also published a fintech buyers guide and checklist to help financial planners identify the right products and services for their business.

For more information on the benefits of fintech to financial planning, visit Money & Life Professional.