Draft terms of reference announced for Financial System Inquiry

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The federal government has released the draft terms of reference for the Financial System Inquiry, to be led by David Murray, former chief executive officer (CEO) of the Commonwealth Bank of Australia.

The inquiry has one year to consider and make recommendations on: fostering ‘an efficient, competitive and flexible financial system, consistent with financial stability, prudence, integrity and fairness’; reducing costs and fees and obtaining greater efficiency in the allocation of capital; reducing ‘the regulatory burden on the financial services sector wherever the benefits to competition, efficiency, market stability or consumer protection are questionable’; ‘a root and branch examination of the nation’s financial system’; how Australian sourced capital can be efficiently allocated ‘to minimise our exposure to volatility in global capital markets’; the role and impact of new technologies, market innovations and changing consumer preferences; and international integration and regulation.

Apart from Murray, the inquiry will comprise a committee of four members from the finance, business and academic sectors and will draw on the expertise of a Special External Council comprising five international business people. The members of the committee and external council will be announced in mid-December along with the final terms of reference. The inquiry will publish an interim report by September 2014, with a final report due by November 2014…

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