Abstract
This paper argues that it is time for an inquiry into the regulation of investment products and markets similar to the Campbell Inquiry which recommended the deregulation of the Australian financial system. First, the present approach based on disclosure requirements and legal sanctions has demonstrably failed, as indicated by continuing losses arising from the collapse of large investment vehicles. Second, there is a need to protect investors because of the large amount of assets they have exposed to investment vehicles, investors' lack of knowledge of the complex products now emerging and the possible systemic effects of the failure of large investment vehicles.
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