Jurisdiction - Australia
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




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

[email protected]


Herbert Smith Freehills TMT Practice Profile in Australia


Comments are closed.