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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.

FINANCIAL SYSTEM INQUIRY CALLS FOR SUBMISSIONS

The Chairman of the Financial System Inquiry, Mr Stan Wallis, announced today that the Inquiry is seeking submissions from the public on matters relevant to the Inquiry by 9 September 1996.

The Inquiry, which was announced by the Treasurer on 30 May 1996, will undertake a stocktake of the results of financial deregulation of the Australian financial system since the early 1980's, seek to establish a common regulatory framework for overlapping financial products, and propose ways of dealing constructively with further financial innovation. It will make recommendations on the nature of future regulatory arrangements that will best ensure an efficient, responsive, competitive and flexible financial system to underpin stronger economic performance, consistent with financial stability, prudence, integrity and fairness.

Mr Wallis said, "We are keen to receive submissions from all people involved or interested in the current financial system."
"A primary task of the Inquiry is to report on the effects of deregulation of the financial system in the early 1980's, especially in terms of the choice, quality and cost of financial services, and I would be very interested in the views of consumers and providers of financial services on this issue."

In addition, the Inquiry would welcome any suggestions on how to improve the regulatory arrangements affecting the financial system. "The pace of technological change in the financial sector, as in other sectors, is likely to quicken over the next few years. The regulatory environment needs to be positioned to take account of and, where appropriate, to encourage technological innovation."

"Our current system of financial regulation has evolved over many years in response to historical needs for regulation of products and services as they have developed. As financial products become more numerous and specialised, there is a need for a more consistent and coherent regulatory response to the development of new products," Mr Wallis said.

Mr Wallis said that the Inquiry will assume that all submissions are public unless it is specified that they, or any part of them, should be treated as confidential for commercial or other appropriate reasons. The Inquiry intends to release a discussion paper later in the year, following which the Inquiry will provide an opportunity for public response and discussion.

Mr Wallis confirmed that the Committee is committed to delivering the report of the Inquiry to the Treasurer by 31 March 1997.

For more information contact:

Stan Wallis
Chairman
Financial System Inquiry
Tel: (03) 9694 9424

Greg Smith
Secretary
Financial System Inquiry
Tel: (06) 263 2995

20 June 1996

 

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