In a presentation at yesterday's Centre for International Finance and Regulation workshop on the Financial Services Inquiry, its chairman, David Murray, outlined the extent of his panel's discussions and hinted at what remains to be done.The content of the FSI's interim report could be summarised as: growth and consolidation; the post crisis regulatory response; and emerging trends in the system, with nine different perspectives around those three broad themes.Since the release of the FSI's interim report, the committee has consulted widely, running public hearings in Perth, Brisbane, Melbourne, and Sydney, along with a series of roundtables with industry participants and representative groups in the lead up to the second round of submissions, due by 26 August. "Internationally, we visited 30 different participants in the system including regulators, government agencies and market participants," Murray told the audience of financial services professionals, regulators and academics yesterday.He said the committee would travel to Asia "shortly" to see where that region sits in relation to challenges in global markets.The key theme to emerge from the visits had been a sense that the response favoured  rules over principles. "There was no cost-benefit analysis, [before] a serious adjustment to the regulatory architecture in several countries," said Murray.Murray also drew attention to "one piece of work that is not being done and is not necessarily part of our remit". This was the lack (as he saw it) of analysis of leverage constraints on governments in Australia. The ultimate backstop was the government, yet there was no understanding that the fiscal position of the government and prices paid in credit markets were directly related. Speaking as an experienced ex-banker, Murray said he expected the limitation would be similar to the leverage ratio for a large mining company. The committee also looked at the role and nature of regulators in Australia and elsewhere, and concluded that making regulators accountable was very important. Nevertheless, Australia was not in a position to avoid international regulatory standards, "especially as we are not an exporter of capital and are not likely to become one", Murray stated, adding that, as a small population sitting on a large land mass, "it may be in our best interest to remain an importer of capital."Consumer outcomes indicated that there are no best practice models for consumer advice - leaving one concern around the complexity of the sale and provision of simple financial products.It is here that the Murray enquiry has gone a step further than Wallis. "The combination of disclosure and financial literacy, whilst important, are not sufficient in our system," Murray asserted. "It means we are trying to figure out where to place financial services in the spectrum of services in our economy.""On the question of retirement, our greatest concern is that there's not really a shared purpose in Australia for the superannuation system," Murray said. He said there were three purposes given for its establishment:•    there was an Accord and wage constraints, so many workers who had no superannuation should have a benefit of some