The Productivity Commission has opened its inquiry into competition in the financial system, calling for submissions by September 15.

“This inquiry is broad-ranging, and will take a holistic view of the financial system, including products and services provided to households, small businesses and large corporations, as well as financial system infrastructure,” a consultation paper says.

To avoid overlap with other reviews, the inquiry will only consider insurance products that are part of a vertically or horizontally integrated business model, such as mortgage insurance sold with home loan packages. Issues to face scrutiny will include the impact of new technologies and innovation, barriers to market entry and regulation.

The review was announced in the May federal budget, and follows government commitments made in 2015 after the Financial System Inquiry delivered its findings.

The Productivity Commission’s report will be delivered to the Government by July next year.