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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 RELEASES DISCUSSION PAPER
The Chairman of the Financial System Inquiry, Mr Stan Wallis, today released a Discussion Paper, outlining the key issues facing the Australian financial system and regulatory options for dealing with those issues.
The Treasurer has asked the Inquiry to undertake a stocktake of the results of financial deregulation since the early 1980s, analyse the forces driving further change, and make recommendations on future regulatory arrangements.
Mr Wallis said, "The Inquiry's objective is to increase the efficiency of the Australian financial system, without compromising its safety and performance. This Discussion Paper outlines the following key issues:
- stimulating competition and innovation, especially in core financial services;
- achieving more competitive financial markets in Australia;
- achieving more cost-effective consumer protection;
- preserving systemic stability and clarifying depositor protection;
- promoting industry structures which are favourable to competition and efficiency; and
- achieving better performance by, and co-ordination of, the regulatory agencies."
"The Inquiry is seeking brief written submissions on the issues set out in the Discussion Paper by Monday 13 January 1997. In addition, the Inquiry is embarking on a round of public consultations over the next few weeks."
Mr Wallis reiterated that the Inquiry is firmly committed to providing its Final Report to the Treasurer by the end of March 1997.
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