About us
Our background
Multiple regulators are responsible for different aspects of the financial sector, meaning that companies must understand and adhere to a range of regulations and standards – some of which are contradictory. Much of the guidance is outdated and has not adapted to technological developments.
What's needed
COVID-19 has been an extraordinary catalyst for change, accelerating the adoption of new technologies. The need for innovation is now greater than ever, driven by challenges more disruptive than any we have ever faced. The lack of a comprehensive and sophisticated regulatory regime is expensive, with serious and organised crime costing Australia an estimated $10–$15 billion annually.
Banks, start-ups and technology-based financial businesses with anti- money laundering and counter-terrorist financing obligations must put in place systems and controls to identify and mitigate risks to the financial system and the Australian community.
What we're doing
The Senate Select Committee on Financial Technology and Regulatory Technology recommended that the Australian Government establish a culture of innovation and competition in financial services by supporting self-regulation where innovative products emerge, while also ensuring strong consumer protection. FIH address this.
Given the need to protect the integrity of the financial system, there is a concerning lack of multi-stakeholder research on the domestic dimensions of compliance with global norms and the need to adopt a risk-based assessment. FIH will fill this gap.
How we operate
Macquarie University has a charitable status so all donations will be tax deductible. FIH adopts no corporate view; the opinions expressed by its researchers are theirs alone and are made as contributions to a broader debate, rather than as part of an effort to advance a particular approach.
FIH funds itself independently, drawing income from its membership subscriptions and from research contracts, donations and events supported by a wide range of sources, private and governmental, Australia-based, and international.