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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.

Final Report

Scope

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 regulatory arrangements.

Structure

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 Inquiry's recommendations.

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.

Document PDF DOC
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
Appendices    
    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

 

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