The Financial System Inquiry (FSI) Final Report was released in December 2014. Financial Rights has made a submission to the Treasury as part of consultation on the final report.
We did not comment on all 44 recommendations made by the FSI Panel, but we did support (with detailed commentary) the following recommendations:
16 Clearer graduated payments regulation
18 Crowdfunding
19 Data access and use
21 Strengthen product issuer and distributor accountability
22 Introduce product intervention power
23 Facilitate innovative disclosure
24 Align the interests of financial firms and consumers
25 Raise the competency of advisers
26 Improve guidance and disclosure in general insurance
28 Execution of mandate
29 Strengthening the Australian Securities and Investments Commission’s funding and powers
