The Treasurer on Fri 20.12.2013, announced the final terms of reference for the Government’s Financial System Inquiry and the appointment of 4 members to serve on the Inquiry panel which is being chaired by Mr David Murray AO.

The 4 members to serve on the Inquiry panel are: Professor Kevin Davis (currently a Professor of Finance at the University of Melbourne), Mr Craig Dunn (who will step down from his role as Chief Executive Officer and Managing Director of AMP in January 2014), Ms Carolyn Hewson AO (has served as an investment banker at Schroders Australia for 15 years), and Dr Brian McNamee AO (served as the Chief Executive Officer and Managing Director of CSL from 1990 to 30 June 2013).

The Inquiry will report on the consequences of developments in the Australian financial system since the 1997 Financial System Inquiry and the global financial crisis. It will also refresh the philosophy, principles and objectives underpinning the development of a well-functioning financial system, and will identify and consider the emerging opportunities and challenges that are likely to drive further change in the global and domestic financial system.

Mr Hockey said the next step for the Inquiry will be to receive submissions in line with the terms of reference. Submissions will open in early January 2014 and close at the end of March.

Source: Treasurer’s media release, 20 December 2013

[LTN 247, 20/12/13]

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