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2014 Financial System Inquiry
The 2014 Financial System Inquiry was annouced by the Treasurer, the Hon. Joe Hockey MP, on 20 November 2014. The Inquiry's Final Report was released on 7 December 2014 and the Inquiry has concluded. For more information please visit the 2014 Financial System Inquiry website.
In accordance with its Terms of Reference, the Inquiry has confined its attention
to the main fields of financial regulation, including those which aim to improve
market conduct, disclosure, safety, stability, competition and competitiveness.
The Inquiry has not made specific recommendations on the conduct of monetary
policy, retirement incomes policies, taxation policies, or the regulation of
the general operation of companies through corporations law. However, these
issues have been taken into account in formulating recommendations on other
financial regulatory arrangements and some potential links or conflicts have
been noted for possible future study.
For reasons of efficiency, the Final Report does not repeat most of the material
provided in the Discussion Paper released in November 1996. In particular, reference
should be made to the Discussion Paper for:
- a more complete description of the existing regulatory arrangements for the Australian financial system;
- summaries of the views put to the Inquiry in the first round of submissions; and
- a more complete description of the alternative options for changes to current
The Report's Overview (The Financial System: Towards 2010) summarises the Inquiry's
vision for the future, the Inquiry's regulatory philosophy and a blueprint for
proposed regulatory reform. This blueprint is followed by a full list of the
The remainder of the Final Report is structured in three parts.
- Part One: Forces for Change canvasses the major factors driving change in the financial system, including changing customer needs, new skills and technologies, and regulatory change. Part One also describes consequent changes in the conduct and structure of financial markets and businesses.
- Part Two: Key Issues in Regulatory Reform sets out the philosophy of financial regulation adopted by the Committee and examines the costs of financial activity in Australia. Part Two describes a broad range of reforms aimed at improving financial system efficiency. It presents the Inquiry's recommendations for financial regulation, including arrangements for market integrity, consumer protection, safety, stability and competition.
- Part Three: Stocktake of Financial Deregulation provides a history of the changes in financial regulation in Australia and reports on the results of the deregulation flowing from the Campbell Committee. It examines the impact of financial deregulation on competition, efficiency, international competitiveness, and product choice and quality in the Australian financial system.
Appendix D contains the Inquiry's review of financial system legislation required under the Competition Principles Agreement.
The Report is available for download in Microsoft Word and Acrobat PDF format.
|Final Report (Complete) - WinZipped||1.78 MB||1 MB|
|Preliminaries||104 KB||48 KB|
|Overview & Recommendations||312 KB||247 KB|
|Part 1 Forces for Change||22 KB||27 KB|
|Chapter 1 Changing Customer Needs||64 KB||81 KB|
|Chapter 2 Technology Driven Innovation||9 KB||184 KB|
|Chapter 3 Regulation as a Driver of Change||88 KB||202 KB|
|Chapter 4 The Changing Financial Landscape||127 KB||290 KB|
|Part 2 Key Issues in Regulatory Reform||24 KB||27 KB|
|Chapter 5 Philosophy of Financial Regulation||81 KB||112 KB|
|Chapter 6 Cost and Efficiency||152 KB||398 KB|
|Chapter 7 Conduct and Disclosure||191 KB||279 KB|
|Chapter 8 Financial Safety||199 KB||356 KB|
|Chapter 9 Stability and Payments||177 KB||278 KB|
|Chapter 10 Mergers and Acquisitions||228 KB||632 KB|
|Chapter 11 Promoting Increased Efficiency||161 KB||184 KB|
|Chapter 12 Coordination and Accounting||72 KB||98 KB|
|Chapter 13 Managing Change||55 KB||70 KB|
|Part 3 Stocktake of Financial Deregulation||35 KB||33 KB|
|Chapter 14 Stocktake: Historical Perspective||121 KB||176 KB|
|Chapter 15 Stocktake: The Financial System||156 KB||309 KB|
|Chapter 16 Stocktake: Financial Regulation||95 KB||189 KB|
|Chapter 17 The Economy||176 KB||455 KB|
|Appendix A Documents of the Inquiry||28 KB||32 KB|
|Appendix B Submissions, Speeches and Meetings||40 KB||85 KB|
|Appendix C Consultancies||9 KB||26 KB|
|Appendix D Legislation Review||91 KB||75 KB|
|Acronyms and Abbreviations||14 KB||32 KB|
|References||69 KB||99 KB|