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.
Presentation:
Word count: 2000 words excluding bibliography but inclusive of any in-text reference with a 10% tolerance, anything over this will not be marked. You are expected to read widely and at least 6 reference sources should be noted. There is a wealth of information on the Wallis inquiry, you will not struggle to find relevant information but ensure that it is from a credible source.
Referencing: For this essay please use Chicago referencing style – a guide is available via the library if you are not familiar with this style. Please note – no referencing, no marks (see comments on Turnitin below)
Allow a 5cm margin on the right hand side of page for comments, at least 12 pt font to be used.
It is recommended that you include an abstract to guide the reader at the outset. Use of appropriate headings is encouraged.