COTA Australia welcomes the opportunity to provide comment on the draft terms of reference for the Financial Systems Inquiry.
COTA Australia is the peak national policy body of older Australians. Its members are the eight State and Territory Councils on the Ageing (COTA) in NSW, Queensland, Tasmania, South Australia, Victoria, Western Australia, ACT and the Northern Territory.
COTA Australia has a focus on national policy issues from the perspective of older people as citizens and consumers and seeks to promote, improve and protect the circumstances and wellbeing of all older Australians; promote and protect their interests; and promote effective responses to their needs.
COTA supports the needs for a broad inquiry into the financial system as there is some evidence that the current arrangements are not adequate to deal with the increasing size and complexity of financial services in Australia. COTA often receives correspondence from older people indicating a lack of trust and confidence in the financial system and this review’s focus should be on restoring that confidence.