In a wide-ranging look at competition policy, past and future, ACCC chairman Rod Sims has compared the effectiveness of new tech-based entrants such as Uber in certain sectors with the failure of the fintechs to create a truly competitive banking sector. "We were worried about [lack of competition] in the taxi industry. Now we don't have to. Uber has solved our problem," Sims observed during the Citi Investment Conference in Sydney yesterday. Sims then mentioned, by way of contrast, the limited effect the P2P sector is having on the wider financial services community. That is, fintechs are not imposing the same downward pressure on pricing or the improvements in customer experiences in the financial services sector as seen in other areas (such as the effect of Uber on the taxi industry). "I'm a strong advocate of [Financial Services Inquiry chair] Murray's recommendation that the productivity commission needs to do a review of the financial services, and if they do, it should be to look at the [barriers to entry] for new competitors," Sims said. "What we have now are the four majors growing their market share and growing profitability over the last 10 to 15 years. "Whenever you have a sector where the dominant players are growing their share and growing their profitability, you have to ask questions."