In December 2013 the Government announced the terms of reference for the Financi

In December 2013 the Government announced the terms of reference for the Financial SystemInquiry. It has been 16 years since the last substantial review of this sector the outcome being theWallis 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 recentlyannounced Financial System Inquiry. Consider the economic regulatory and global contextthat these inquiries were/will be undertaken in.2. Comment on the recommendations made by the Wallis Inquiry and their impact on thecurrent financial services regulatory environment.*2000 words essay