In his introductory speech to the Senate Economics Legislation Committee, Greg Medcraft, ASIC's chairman, said he welcomed the Government's response to the Murray Financial System Inquiry a day earlier."We see the Government's response as very positive. A number of recommendations go to increasing investor and financial consumer trust in the financial system," he noted. Some of these proposed changes include a product intervention power for ASIC to respond to market problems, and programs to raise the competency of financial advisers as professional, ethical and education standards for financial advisers.Medcraft also reminded the Committee about ASIC's Innovation Hub, "given the Government's strong focus on innovation".That elicited several questions from the Senators about recent reports that one fintech had moved to London from Australia. Medcraft said: "One area where we need to move fast is the market licencing area because the regime we have today was built on, basically, one stock exchange - the ASX. "What we see now is a complete fragmentation of markets and platforms and we need a system that is far more proportionate. Clearly the government has been consulting on a new market licensing regime. This is particularly important when you look at crowdfunding or peer-to-peer lending because their marketplaces ... because this is globally competitive, so being flexible and agile is quite critical," Medcraft said.He said that probably meant we needed laws that were more principle-based, rather than as detailed as they are today. "The world is changing so fast that legislators don't really have the time to catch up," Medcraft said.His colleague, John Price, amplified points made by Medcraft, pointing to the need to introduce flexibility in legislation for peer-to-peer and crowd funding platforms. "This is a priority if Australia is to deal with some of these innovative business models. We're seeing these emerging: robo advice, peer-to-peer lending, the crowd sourced equity fundraising, payment systems," Price said.