FSI overview


March 20, 2017 7:47 AM | Posted by Batten, Richard | Permalink
November 28, 2016 10:40 AM | Posted by Batten, Richard | Permalink
The Report of the inquiry into the Big 4 banks in Australia has raised concerns with the banks' market dominance and their use of market power and made 10 recommendations, some of which will have an impact beyond the banks. read more
May 9, 2016 5:17 PM | Posted by Batten, Richard | Permalink
The Assistant Treasurer has announced a number of initiatives ahead of the calling of the Federal election, including the appointment of a panel to review the external dispute resolution and complaints framework. read more
October 23, 2015 9:37 AM | Posted by Batten, Richard | Permalink
The release of the Government's response to the Murray Inquiry provides a roadmap for regulatory action affecting the sector over coming years and much needed certainty for industry. read more
October 20, 2015 8:29 AM | Posted by Batten, Richard | Permalink
The Government has released its response to the Financial System Inquiry's Final Report which includes specific measures which the Government plans to implement before the election and beyond. read more
September 22, 2015 2:48 PM | Posted by Batten, Richard | Permalink
ASIC says that organisations need to reflect on how their culture could lead to unfair treatment of investors and consumers. read more
September 21, 2015 5:34 PM | Posted by Batten, Richard | Permalink
An article in the Sydney Morning Herald with the provocative title of Kelly O'Dwyer may reconsider government's financial system inquiry response does not give any clues on timing but does provide a good summary of the current position. read more
August 28, 2015 11:56 AM | Posted by Batten, Richard | Permalink
The Government is consulting on whether to introduce a new industry funding model for ASIC as recommended by the Financial System Inquiry. read more
December 19, 2014 5:46 PM | Posted by Richard Batten | Permalink
Our most recent briefing, Financial System Inquiry: Final Report, discusses the various recommendations and observations made by the Murray Inquiry. read more
December 17, 2014 4:21 PM | Posted by Richard Batten | Permalink
Treasurer Joe Hockey and David Murray have released the final report of the Financial System Inquiry. In this short video, Richard Batten explains some of the elements of the report and its implications. read more
December 16, 2014 9:35 AM | Posted by Paul Schoff, Eric White | Permalink
In commenting on the design of Australia's superannuation system, the Inquiry draws on Chilean experience. Regrettably and perhaps unwittingly, the Inquiry also seems to have drawn on the early 1970s Chilean socialist experiments with Big Data in developing its thoughts and recommendations around access and use of private sector data. read more
December 11, 2014 5:12 PM | Posted by Richard Batten | Permalink
While we welcome the final report of the Financial Systems Inquiry and its recommendations, we are concerned that there is a risk of fragmentation or cherry picking if some elements are addressed and not others. read more
December 10, 2014 1:52 PM | Posted by Brendon Watkins | Permalink
The FSI Report has recommended that Government should consult with relevant stakeholders to consider the introduction of 'safe harbour' provisions for directors engaged in restructuring efforts, and the suspension of ipso facto clauses during a restructuring. read more
December 8, 2014 5:59 PM | Posted by Richard Batten, Stuart Johnson | Permalink
The Final Report of the Financial System Inquiry was released on the weekend. Here, we discuss key points arising from the Report and Mr Murray's speech to CEDA. read more
December 8, 2014 4:47 PM | Posted by Richard Batten | Permalink
Yesterday the final report on the Financial System Inquiry was released, covering 44 recommendations across a range of industries. read more
September 4, 2014 4:40 PM | Posted by Richard Batten | Permalink
The FSI Interim report discussed a broad range of issues affecting the industry, and gives serious consideration to the differing concerns of stakeholders. Our submission explores a number of questions raised by the report, and identifies other issues which we believe that the Inquiry should consider. read more
August 22, 2014 11:07 AM | Posted by Richard Batten | Permalink
Our new briefing summarises the key observations and concerns of the Inquiry in each of the areas considered and identifies the potential recommendations and areas in which further information is being sought. read more
July 16, 2014 2:42 PM | Posted by Richard Batten | Permalink
An area of real concern raised in the Interim Report is about the effectiveness of disclosure in enabling consumers to make decisions. The report indicates that the current disclosure regime is not effectively serving consumers. read more
July 16, 2014 2:37 PM | Posted by Richard Batten | Permalink
The release of the interim FSI report identifies some significant areas where changes to the system need consideration. The key touchstones of the Inquiry for assessing the performance of the financial system and its regulatory structure are efficiency, stability and fairness. read more
July 16, 2014 8:54 AM | Posted by Harry Aitken | Permalink
Technology is having a dramatic influence on the state of the Australian financial system. Developments in consumer forums, data collection methods, transactional mechanisms and cloud technology have spawned new products, services and market entrants. read more
July 15, 2014 3:32 PM | Posted by Payne, Karen | Permalink

The Financial System Inquiry Interim Report (the Report) has identified taxation as one of three main sources of distortions which hamper the operation of price mechanisms that would otherwise promote an efficient allocation of funding and risk (the other two being regulation and market imperfections).

The Report is somewhat restrained in its comments on specific tax reforms, and defers to the Tax White Paper due out in 2015.  However it does make comment on the need to retain dividend imputation.  The Report suggests that the case for retaining dividend imputation is now less clear than it was in the past and may act as a subsidy to domestic equity. However, some tax distortions are intentional and by design and provide intended integity benefits, which will need to be considered and weighed against any potential adverse distortions.  These issues are sensible to defer to the Tax White Paper ...

read more
July 15, 2014 11:43 AM | Posted by Richard Batten | Permalink
The Financial System Inquiry's interim report was released today, and covers a wide range of observations and options. read more
July 7, 2014 9:09 AM | Posted by Gillian Brown, Melanie Wong | Permalink
One issue that the Inquiry will report on is the role and impact of new technologies, market innovations, and changing consumer preferences and demography on the financial system. read more
June 12, 2014 10:25 AM | Posted by Batten, Richard | Permalink
The Financial System Inquiry has announced that its Interim Report will be released on 15 July by David Murray at the National Press Club at 12:30pm: http://fsi.gov.au/2014/06/12/interim-report-release-date/ read more
April 9, 2014 11:39 AM | Posted by Paul Schoff | Permalink
The FSI terms of reference ask: do financial services regulations appropriately balance competition, innovation and efficiency, with stability and consumer protection? The Murray Panel should look backwards, because many of the relevant competition law principles are known, although they are often forgotten. Markets change, technology changes, consumption patterns change but it is typically a question of applying what we already know to those things. read more
April 7, 2014 12:24 PM | Posted by Christopher Brown and Pinar Ozer | Permalink

The Inquiry terms of reference, although broad, demonstrate an overwhelming emphasis on the regulation of the financial system and its institutional participants. What is notably missing is the equally important goal of improving financial literacy among consumers to enable them to protect themselves.

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April 4, 2014 10:30 AM | Posted by Richard Batten, Tim Sutton | Permalink
In an article in the LexisNexis’ Financial Services Newsletter (2014) 13(1), Richard Batten and Tim Sutton discussed the kick off of the Financial System Inquiry. read more
March 28, 2014 10:55 AM | Posted by Paul Schoff | Permalink
The intersection of financial services and competition law is very important for the FSI. The FSI terms of reference are only two pages long, but refer to 'competition' and 'competitiveness' no less than five times. read more
March 26, 2014 9:12 AM | Posted by Mark Standen, Siobhan Doherty | Permalink
The terms of reference of the Financial System Inquiry include how governance structures across the financial system affect stakeholder interests, and how they may drive further change in the global and domestic financial system. Our new video discusses what aspects of corporate governance of financial services institutions may be of interest to the Inquiry. read more
March 24, 2014 11:32 AM | Posted by Batten, Richard | Permalink
The Treasurer has today announced the appointment of the members of the International Advisory Panel to the Financial System Inquiry (FSI). They are: Sir Michael Hintze AM (London), CEO of AQS, a hedge fund and alternative investments manager, Dr David Morgan AO (London), former Westpac CEO, Ms Jennifer Nason (New York), senior executive at JP Morgan, and Mr Andrew Sheng (Hong Kong), former Hong Kong central banker and financial regulator. The Panel is intended to advise the FSI on international competitiveness and offshore regulatory frameworks. read more
March 21, 2014 3:21 PM | Posted by Richard Batten, Tim Sutton | Permalink
In order to pre-empt the challenges and opportunities of the coming decades, the Financial System Inquiry will need to consider a number of significant trends. For example, the impact of China and other Asian countries as consumer economies is increasing. Our financial system will also need to be prepared for the oncoming demographic change in Australia's population.
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March 20, 2014 11:29 AM | Posted by Richard Batten, Mark Standen | Permalink
We're pleased to introduce Minter Ellison's new blog, which can help you to navigate the federal government's Financial System Inquiry. read more
March 14, 2014 1:00 PM | Posted by Richard Batten, Tim Sutton | Permalink
It's been 17 years since Australia's last inquiry into its financial system. A lot has changed since the Wallis Report in 1997. Why the need for a new inquiry? What has changed since Wallis made his recommendations? read more
March 13, 2014 9:56 AM | Posted by Richard Batten, Tim Sutton | Permalink
The Treasurer announced the final terms of reference for the Inquiry on 20 December 2013. The issues identified in the terms of reference are diverse and complex, and timing – at least for the panel's final report in November this year – will no doubt be tight. read more