The Federal Government has announced the appointment of four members to serve on the financial system inquiry panel, chaired by David Murray.
Industry Super Australia said it was pleased with the panel member selection.
"Industry SuperFunds believe it's a critical time in Australia's history to forensically examine the operation of the financial system and look for ways to make it more efficient.
"The inquiry should consider ways to more efficiently transform savings into investment in the real economy," it said.
Federal Treasurer Joe Hockey announced outgoing AMP CEO Craig Dunn would be one of the four members on the panel, along with chair of Westpac Foundation Carolyn Hewson.
Hewson was previously an investment banker at Schroders Australia for 15 years.
Dunn is stepping down from his role as CEO and managing director of AMP this month after serving for 14 years with the company.
The terms of reference have been finalised after input from organisations and individuals during the consultation period.
The Government made only minor changes to the final terms of reference after Industry Super Australia and others in the industry were satisfied with it.
The Financial Services Council (FSC) commended the selection of the panel members, saying it "delivers the experience, diversity and perspective needed for this review".
The FSC said that with the appointment of Dunn and Hewson, the wealth management industry was well represented.
"These two appointments reflect the importance of an industry with $2.2 trillion of funds under management to the Australian economy," FSC director of policy and global markets, Andrew Bragg said.
"Mr Dunn and Ms Hewson bring experiences and skills from within the industry which complement those of the other review panellists — Brian McNamee, former CSL CEO, and Professor Kevin Davis from the Australian Centre for Financial Studies — and the inquiry chairman, David Murray."
The financial system inquiry will be a root and branch review of Australia's financial system. It will examine how the financial system should be positioned to support Australia's economic growth.
