The government has commenced its consultation process for the draft terms of reference for its inquiry into the financial system. The inquiry will consider developments in the financial system since the 1997 Financial System Inquiry and the global financial crisis. The draft terms include consideration of the impact of financial regulation including ‘compliance costs, flexibility, innovation and financial services trade.’ The draft terms provide for a final report to be delivered to the Treasurer by 1 November 2014.
The government has requested submissions on the draft terms of reference by 5 December 2014. To find out more please click here.