NSW senator Andrew Bragg proposed a motion to form the committee, which was passed by Parliament earlier this week.

According to a statement, the committee will examine how fintech and regtech can benefit Australian consumers and businesses and will report back to the Senate in October of next year.

The Financial Planning Association of Australia (FPA) welcomed the creation of the select committee, with CEO Dante De Gori commenting that “fintech is already playing an important role in the evolution of the financial planning profession and the Australian economy”.

The FPA has considered the move a recognition of the critical roles fintech and regtech play in delivering affordable, high-quality financial advice to Australian consumers.

“According to FinTech Australia, there are over 400 fintech businesses across Australia already and the industry is growing rapidly, so this is an important acknowledgement of an existing and future reality,” the CEO said.

He noted the ability of fintech to “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”.