Articles on financial system inquiry

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If consumers don’t like the way their mortgage brokers operates, they can shop around. Mick Tsikas/AAP

Mortgage brokers: ASIC goes fishing

The ASIC inquiry into how mortgage brokers are paid won't do much to change an already competitive system.
Almost a year after it was finished, the government has responded to the Financial System Inquiry, agreeing with the majority of its recommendations. Lukas Coch/AAP

Super members the winner in sensible financial inquiry response

It's a good thing that Australia's large and growing super sector will attract greater policy focus in coming years.
Pending business for a new treasurer is a government response to the Financial System Inquiry led by David Murray. AAP/Sam Mooy

The unfinished business facing Australia’s new treasurer

A bulging in-tray of reviews awaiting response awaits Malcolm Turnbull's choice of treasurer in his new cabinet.
Voluntary administration has been the widely-used step in efforts to prevent a company being dissolved. Image sourced from www.shutterstock.com

Is it time to reform the cornerstone of Australia’s insolvency regime?

Voluntary administration was considered a state-of-the-art rescue procedure for struggling companies in 1993. But is is time for another wide-ranging review of our insolvency laws?
Enabling consumers to keep their bank account numbers when switching institutions will encourage greater competition. AAP Image/Dan Peled

How changing our bank account numbering system will be a win for customers

It’s a pain to change mobile providers, but at least keeping your number is easy. It’s much more of a pain to change banks and much of that pain is because we have to change bank account numbers. Why don’t…
NAB chief Andrew Thorburn has been forced to defend the bank’s reputation after the actions of rogue financial planners were revealed. Dean Lewins/AAP

Naming and shaming helps keep banks honest

There are simple solutions to prevent more financial scandals in Australia - the question is, will the government take them up?
Financial planners may be considered professionals, but there’s no national exam to put them through their paces. Shutterstock

Why we still don’t expect financial planners to sit an exam

While financial planning is on the pathway to professionalism, its education standards continue to be the subject of much discussion – and for good reason. The current standards set by ASIC mandate a comparatively…
The Financial System Inquiry says the purpose of superannuation is to provide a retirement income that can substitute or supplement the age pension. Lukas Coch/AAP

Murray pushes for fewer super tax breaks but change is unlikely

David Murray’s Financial System Inquiry may call for the removal of superannuation tax breaks but the government’s tax discussion paper, due to be released next week, is unlikely to advocate similar changes…
Big nest egg or small: shouldn’t super fund trustees meet the same professional standards as individual financial planners? Image sourced from www.shutterstock.com

Murray pinpoints inconsistency on financial advice and super trustees

Finally, Financial System Inquiry chairman, David Murray, has brought some consistency into two hot debates running in finance. Parliament, financial media commentators and a whole range of vested interests…
Unlike America, Australia is overbanked. Nicholas Eckhart/Flickr

Murray inquiry not made for a future with fewer banks

A key component of the Financial System Inquiry handed to Treasurer Joe Hockey this week was that “the financial system should be subject and responsive to market forces, including competition”. But on…
David Murray releases the Financial System Inquiry report. Britta Campion/AAP

Financial System Inquiry: expert reaction

Bank competition, increased capital levels and poorly designed taxes, such as capital gains tax and negative gearing, have…
David Murray and Treasurer Joe Hockey have released the final report of the Financial System Inquiry. AAP/Britta Campion

A call for capital: Murray report pushes for higher banking standards

To increase the resilience of the Australian financial system the Big Four banks will be asked to carry larger capital buffers under recommendations made in the final report of the Financial System Inquiry…

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