Technology and demographics are two themes that David Murray keeps coming back to in speeches made since becoming head of the Financial System Inquiry. He returned to them yesterday when addressing an FSI workshop organised by the Centre for International Finance and Regulation. Murray said the inquiry's focus was on identifying which aspects of regulation would limit the ability of the financial system to meet future needs. He is in no doubt that technology and demographics will be the drivers of change. In terms of technology, Murray said we might be too conservative. "Government responses after the financial crisis were that 'this will never happen again' and that has coloured a very intense regulatory response." On the other hand, he said, technology is the avenue for shadow systems to emerge and the system needs to be able to control that. Murray also posed plenty of questions for the superannuation system, such as whether it delivers value for money, whether the system is advancing financial literacy and whether accepted asset management disciplines, such as the efficient market hypothesis, are valid. "Maybe superannuation needs to be better aligned with the needs of its members in retirement," he said. He also called for more investigation into "human culture", suggesting there was too much emphasis on technical systems. "Why, in the lead-up to the crisis could you have two systemically important financial institutions, both with the same regulations and both compliant, and in the crisis one failed and one did not?" he asked. "The issue of culture is something that needs much more scientific study." Murray said the FSI would issue an interim report in July and call for a second round of submissions.