The Financial Planning Association (FPA) has applauded the Senate for launching an inquiry into fintech and regtech.

The committee will examine how fintech and regtech can benefit consumers and businesses and report back to the Senate in October next year.

Fintech is already playing an important role in the evolution of the financial planning profession and the Australian economy, with more than 400 fintech businesses across Australia, FPA CEO Dante De Gori says.

“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.”