Australia: Financial System Inquiry - Government response

The final report of the Financial System Inquiry was published last December. The Inquiry was given terms of reference that included developing proposals to promote a competitive and stable financial system, contributing to growth. The Government's response was published last month: see here (pdf). The great majority of the Inquiry's recommendations have been accepted and an agenda published for their implementation. With regard to the governance of superannuation funds, the Government has stated its support for the introduction of criminal sanctions for directors who fail to meet their duty to act in the best interests of members.