ARITA's submission to the Financial System Inquiry

ARITA’s submission is on the FSI website.  We said that while the terms of reference of the Inquiry potentially encompass matters concerning the financial stress and collapse of businesses, and the role of the insolvency regime in their restructuring or liquidation, the breadth of the terms of reference were such that ARITA simply offered to assist or make a further submission should any such issues arise in the Inquiry’s deliberations. 

Members will recall that ARITA has in the past (December 2012) made a submission to Treasury on the crisis management powers of APRA, as yet unacted upon, in relation to banks and insurers. 

The Financial System Inquiry’s Interim Report will be released on 15 July.  The Chair of the inquiry, Mr David Murray AO, will address the National Press Club at 12:30pm on that day.  

Following the release of the Interim Report, the FSI Committee says it will undertake a period of stakeholder consultation.  This will include:

  • a second round of submissions;
  • sector briefing sessions;
  • public forums; and
  • stakeholder meetings.

In addition, the Committee will travel overseas between Saturday 19 July and Friday 1 August to consult with international stakeholders.

A final report is to be provided to the Treasurer by November 2014.