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Australia – Final Report: Innovation And Technological Change.

10 December, 2014

 

Legal News & Analysis – Asia Pacific – Australia – TMT

 

The Murray Report highlights the power and value of data to drive new networks of collaboration and alliances in financial services. New players break down market barriers and disrupt traditional players, in turn generating new rounds of innovation and technological change.

 

This technological revolution gives rise to many public interest concerns, including the need to ensure the security of data, an increase in cyber security risks, privacy challenges and competition issues. The Murray Report has made key recommendations to assist innovation through facilitative regulation designed to promote appropriate collaboration, and which also implements appropriate security measures to protect consumers.

 

The diagram below summarizes how technology is disrupting our financial services industry and which also sets out the report’s key innovation recommendations.

 

(Click to enlarge)
 

FSI Final Report Impact of Digitisation

 

Related:

 

1. ASIC Funding, Resources, And Powers

2. Bank Funding, Prudential Regulation, And Disclosure

3. Consumer Outcomes For Product Issuers

4. General Advice Superannuation And Life Insurance

 

herbert smith Freehills

 

For further information, please contact:

 

Julian Lincoln, Partner, Herbert Smith Freehills

julian.lincoln@hsf.com

 

Herbert Smith Freehills TMT Practice Profile in Australia

 

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