Critical Essay: Financial System Inquiry    Topic:  In December 2013, the Government announced the terms of reference for the Financial System  Inquiry. It has...

Critical Essay: Financial System Inquiry 

Topic: 

In December 2013, the Government announced the terms of reference for the Financial System 

Inquiry. It has been 16 years since the last substantial review of this sector, the outcome being the 

Wallis Report. 

Your task is to write a critical essay; that responds to the following: 

1. Compare and contrast the terms of reference of the Wallis Inquiry and the recently 

announced Financial System Inquiry. Consider the economic, regulatory and global context 

that these inquiries were/will be undertaken in. 

2. Comment on the recommendations made by the Wallis Inquiry and their impact on the 

current financial services regulatory environment. 

Note: 

1. You can access the terms of reference for the Financial System Inquiry and the full Wallis 

report from www.fsi.treasury.gov.au 

2. You will need to do some independent research in relation to what has been implemented 

from the Wallis report. Given the word limit focus on substantial aspects only. 

Learning Outcomes: 

1. Develop an understanding of the current financial services regulatory environment 

2. Develop an understanding as to how substantial inquiries into sectors result in changes to 

legislation 

3. Broaden knowledge in relation to financial products and financial markets 

4. Broaden knowledge in relation to the function of regulatory bodies.