Government response to Murray inquiry

The federal government will act on recommendations from the financial system inquiry chaired by David Murray.

WHAT THE MURRAY REVIEW MEANS

FOR CONSUMERS

* New laws banning unfair credit card surcharges

* A regulatory framework for crowd funding

* Better professional, ethical and educational standards of financial advisers

* Better guidance and disclosure in general insurance

* Stronger enforcement tools for ASIC

FOR SUPERANNUATION

* Improved efficiency and competitiveness of the super system and more choice for employees

* Development of income products for retirement

FOR BANKS

* Retain additional money on their books to keep financial system resilient in tough times and maintain investor confidence

FOR INNOVATION

* Establish an Innovation Collaboration committee

* Review APRA, ASIC, RBA payments systems

* Modernise retail corporate bond market