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 th 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.
*2000 words essay.