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Adviser Ratings welcomes FSI 'innovation collaboration'

Adviser Ratings has applauded the Financial System Inquiry's proposal to create a public-private sector committee to facilitate innovation. 

The body – dubbed the “Innovation Collaboration” (IC) by the FSI – would allow the government and industry to develop co-ordinated policy and regulatory responses to new technological developments, according to the FSI final report.

“With a mix of stakeholders, the recommended IC model merges industry and policy expertise to help identify innovation opportunities,” the report stated.

“Innovators could access a forum that offers them a better entry point to financial sector regulators and improves their potential to influence across agencies — if necessary, through the CFR [Council of Financial Regulators].”

Under the model proposed by the FSI, the body would consist of representatives from start-ups and innovators, consumer groups, academia, ASIC, APRA, the RBA and the ATO.

A statement from Adviser Ratings called the initiative “a recommendation of merit” that could help drive “forward-looking change” in financial services.

Adviser Ratings managing director Angus Wood said new developments around transparency were vital for the financial services industries.

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“Innovation around transparency is key to accelerating many of the positive changes the FSI report has underlined,” he said.