A government inquiry into the financial system should take a broad approach and include insurance, according to Westpac Institutional Bank Group Executive Rob Whitfield.

The proposed inquiry – dubbed Son of Wallis – should further strengthen a sector that thrived through the global financial crisis, he told a Financial Services Institute of Australasia conference last week.

“We want to see that built on and this financial services inquiry to be broad enough to bring all the sectors into the discussion.”

Banking, insurance, super, infrastructure and the taxation system should be examined, he says.

A spokesman for Treasurer Joe Hockey told insuranceNEWS.com.au the Government is “committed to establishing a financial systems inquiry”.

Terms of reference are yet to be released but will be “wide-ranging”.

The Wallis report was released in 1997 and led to an overhaul of financial regulation, including formation of the Australian Securities and Investments Commission.

Mr Hockey says Son of Wallis should create a roadmap for a globally competitive financial system.