Australia: Release of the Financial System Inquiry Report

As you have probably noticed, the Government and ASIC have been busy of late amending regulations, disallowing regulations and using a "facilitative" approach.

With all this activity, it may be easy to have missed the release of the Financial System Inquiry (FSI) Final Report. Overall, this report supports the status quo rather than reforming the system as the previous Wallis Report did with FSR. However, it still recommends a number of significant changes which will require thorough consideration and consultation.

Not everyone enjoys 350 pages of regulatory recommendations as we do at Holley Nethercote. To save you the hassle, you can find a mindmap summarising the recommendations below. If absorbing 44 recommendations feels too tiresome, we have also created mindmaps focused on a couple of industry sectors, which only contain the recommendations which we think are relevant to that sectors.

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