Key points of the Murray inquiry

WHAT THE FINANCIAL SYSTEM INQUIRY SAYS NEEDS TO CHANGE:

* Murray inquiry into financial system makes 44 recommendations.

* Banks should retain more money in case of financial crisis.

* All employees should have the ability to choose the fund into which their superannuation guarantee contributions are paid.

* It seeks a review of MySuper products in 2020 to insure they have been effective in significantly improving competition and efficiency.

* Improved surcharging on card transactions.

* The competency of financial advice providers should be raised.

* Create a new financial regulator as a watchdog over other financial regulators.

* Government will respond after March next year after further consultations.