review of this sector, the outcome being the Wallis Report. Your task is to write

Critical Essay: Financial System Inquiry Topic: In December 2013, the Government announced the terms of reference for the Financial System Inquiry. It has been 16 years since the last substantial review of this sector, the outcome being the Wallis Report. Your task is to write a critical essay; that responds to the following: 1. Compare and contrast the terms of reference of the Wallis Inquiry and the recently announced Financial System Inquiry. Consider the economic, regulatory and global context that these inquiries were/will be undertaken in. 2. Comment on the recommendations made by the Wallis Inquiry and their impact on the current financial services regulatory environment. Note: 1. You can access the terms of reference for the Financial System Inquiry and the full Wallis report from www.fsi.treasury.gov.au 2. You will need to do some independent research in relation to what has been implemented from the Wallis report. Given the word limit focus on substantial aspects only. Learning Outcomes: 1. Develop an understanding of the current financial services regulatory environment 2. Develop an understanding as to how substantial inquiries into sectors result in changes to legislation 3. Broaden knowledge in relation to financial products and financial markets 4. Broaden knowledge in relation to the function of regulatory bodies.