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Financial System Inquiry
Shaping the future: Deloitte response
The Financial System Inquiry Final Report takes an outcomes-based approach, avoiding prescriptive statements. This is the right approach. It effectively calls for further research, analysis, and stakeholder input before detailed policies are finalised. The process hasn’t ended. The audience has changed, the debate is now more focussed, and industry input is critical.
The debate shifts
The Treasurer has called for submissions 44 recommendations to the Final Report by 31 March 2015. Given the nature of the recommendations this will be a critical period for institutions to ensure subsequent policy reflects the needs of all stakeholders, and builds a stable financial system while promoting growth, innovation and choice. Importantly a number of reforms, particularly for banks, are linked to the continuing evolution of the G20 regulatory agenda. It is critical that institutions actively engage in this global policy development as the results will impact outcomes in Australia.
Industry change continues
Although the outcomes-based approach is the right one, it does mean that the regulatory implementation agenda will continue well beyond 2015. Now more than ever, for individual institutions, optimising the productivity of the regulatory spend is critical.
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