The Financial Services Council is pleased ASIC has today opened the regulatory sandbox for financial technology companies.
With the release of class waivers to allow eligible fintechs to test certain services without holding an Australian financial services or credit licence, ASIC has created an environment for innovative companies to bring their ideas to life.
The FSC fully supports the Government’s innovation agenda and is pleased that ASIC will accept applications for sandbox participation from incumbent businesses seeking to innovate in new areas, although we would like to see this move to a more formal structure over time.
FSC CEO Sally Loane said: “Financial services are heavily regulated to ensure appropriate consumer protection but it is essential that regulatory barriers do not hamper product and service innovation by start-ups and incumbent businesses alike.
“We now look forward to the Government progressing its FSI commitments on technology neutral regulation for the financial sector and facilitating rationalisation of life insurance and managed investment scheme legacy products.”
