Key Points:

Submissions on the first round of consultations for the Financial System Inquiry are due by 31 March 2014.

The Federal Government's root and branch review of the financial services system is now underway, with the announcement of the panel's members and the first call for submissions.

The Financial System Inquiry will be conducted by:

  • former Chief Executive Officer of the Commonwealth Bank of Australia David Murray AO;
  • Professor Kevin Davis from the University of Melbourne and Monash University;
  • former Chief Executive Officer and Managing Director of AMP Craig Dunn;
  • investment banker and director Carolyn Hewson AO; and
  • former Chief Executive Officer and Managing Director of CSL Dr Brian McNamee AO.

Initial submissions on the issues set out in the Financial System Inquiry's terms of reference are due by 31March2014.

In its call for submissions, the Inquiry highlighted three areas it particularly welcomed submissions on:

  • the strengths of the system and potential gaps and deficiencies;
  • the factors likely to reshape Australia’s financial system over the foreseeable future; and
  • practical suggestions for improving regulatory settings and reducing unnecessary compliance costs.

There will be a second call for submissions following release of the Inquiry’s Interim Report in mid‑2014.