Regulation and technology are among the key issues raised in submissions to the financial system inquiry, Chairman David Murray told a recent business lunch.

Most submissions call for regulators to be strong, well-funded and independent but some question whether system safety and stability concerns have overridden the longer-term interests of competition and innovation.

“This inquiry presents an opportunity for us to ask whether we should recalibrate,” Mr Murray said.

Some submissions note that traditional product disclosures are falling behind technological innovation, and consumers now regularly compare products online.

Technology is also creating new techniques for risk management because of enhanced data collection, Mr Murray says.

“The insurance industry globally is considering where this will end in terms of use of biometric information and accessibility for some consumers to health and life insurance services.”

The inquiry’s interim report, planned for July, will pose questions on areas where technology is challenging current business models, delivery channels and regulation, he says.

Other issues include the performance of super and changing perceptions – post-global financial crisis – of when governments should step into financial markets as a backstop.

The inquiry received more than 270 submissions and has held almost 100 stakeholder engagement meetings.