The banking industry will be suggesting that, when making its  final recommendations, the Financial Services Inquiry "take into account a number of points"  - most of which involve minimal changes to the existing system. The thoughts of the Australian Bankers Association on "where to next", as outlined by ABA chief executive officer Steven Münchenberg at a workshop convened by the Centre for International Finance and Regulation yesterday, seem strangely out of step with those of the FSI chairman David Murray, who was initially expected to line up with his former colleagues.For instance, while Murray said Australia is not in a position to avoid international regulatory standards, Münchenberg cautioned that policy changes should only be made where there was clear evidence the change was needed and the benefits outweighed the costs and consequences. For example, in response to calls for "ever higher levels of bank capital", he said, "we must remember that the safest car is the one that doesn't move at all."And, when it came to policy proposals developed offshore - with Murray and his committee having visited up to 30 different international participants, regulators and government agencies - the ABA's view remains that "structural and regulatory differences in Australia that mean international proposals ... may not be relevant at all."One example provided by Münchenberg was the call for ring-fencing banks, "when there is no global agreement or consensus on ring-fencing".  "Even if we look at those jurisdictions that are introducing ring-fencing, you have a choice between Volcker, Vickers, Liikanen, or French or German approaches," Münchenberg said.He then went on to foreshadow some of the main points that will be in the ABA's second submission to the FSI. These include: outlining the challenges presented by the current regulatory capital framework, particularly for regional and smaller banks; ensuring there is a "coordinated and comprehensive approach" to improving the quality and diversity of funding for the economy; recognising the considerable improvements already made to the stability and resilience of the system and prioritising any measures to improve stability towards those that minimise upfront impacts on the system and economy; building on financial literacy, increasing the effectiveness of disclosure and improving financial advice, to assist customers to get the best out of financial products and services; and suggesting a collaborative approach among regulators, industry and consumer representatives to managing the rapid changes driven by technology.