Biggest changes to the financial system since the Wallis Inquiry
A speech by John Price, Commissioner, Australian Securities and Investments Commission to the Corporate Governance Forum 2014, 3 June 2014
Today I will outline the perspective of the Australian Securities and Investments Commission (ASIC) on the biggest changes we have seen in the financial system since the Wallis Inquiry, and what we can learn from them.
Overall, Australia’s financial system has performed very well over the last few decades. Our financial system has helped facilitate sustained growth of the economy.
However, there are:
lessons – positive and negative – that can be drawn from the experience in the financial system over the last two decades, and
opportunities to build on the successes we have seen.
Today I will focus on three topics:
first, the significant changes and major developments we have seen in the financial system since the Wallis Inquiry
second, some lessons we have drawn from our regulatory experience during this time, and
third, some changes and reforms we have suggested to the current Financial System Inquiry.