ASIC gets tool kit in Murray response

The corporate watchdog has described the Turnbull government's response to the Murray financial system inquiry as "very positive".

Chairman of the independent Australian Securities and Investments Commission Greg Medcraft told a Senate estimates hearing on Wednesday a number of its proposals will address investor and consumer trust and competence in the financial system.

"They provide ASIC with the right tool kit in the future to respond to the challenges to that investor trust and confidence," he said.