ARTICLE · 25 DECEMBER 2013

Financial services reform - where to now?

Clayton Utz

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The Coalition will amend many of the previous reforms and launch a major inquiry into the financial services industry.

AustraliaStrategy

Graeme Howatson

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Key Points:

While many of the previous Government's reforms will be retained, the Coalition will amend them and launch a major inquiry into the financial services industry.

The previous Labor Government made a number of significant amendments to legislation governing the financial services industry, some of which have come into operation recently or are set to commence in the near future.

The change of government at the Federal election held on 7 September 2013 raises the question: what will be the fate of these amendments and what legislative changes can the industry expect under the new Federal Government?

Financial system inquiry

Before the Federal election, the then shadow treasurer announced that, if elected,the new Federal Government would appoint a private sector executive to conduct an inquiry into Australia's financial system (dubbed by Mr Hockey as the "son of Wallis" inquiry). Mr Hockey also said that there would be a moratorium on any

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