Treasurer Hockey receives Murray report

Treasurer Joe Hockey has received a long-awaited report into the financial system.

The report by David Murray, a former chief of the Commonwealth Bank and head of the Future Fund, has been almost a year in the making.

The inquiry received more than 6500 submissions since its interim report, 5000 of which touched on the issue of credit card surcharges.

The review panel's interim report, released in July, flagged raising the minimum education and competency standards for personal financial advice and introduction of a national examination for financial advisers.

The panel also examined the issue of banks being considered "too-big-to-fail".

A large chunk of the interim report was devoted to the superannuation industry, which it was argued had too high fees and could be made more efficient.

Mr Hockey received the report in Sydney on Friday.