If the Treasurer, Joe Hockey, is looking for advice on how to set the terms of reference for his promised financial system inquiry then here it is: keep them as wide ranging as possible.Speakers at the Finsia Financial Services Conference in Sydney yesterday said they were looking for an "aspirational" and "enabling" review of the system, not a narrow run-through of some well-worn themes.The chief executive of Westpac Institutional Bank, Rob Whitfield, said: "What we don't want is a narrow inquiry. We don't want to see it restricted to competition issues, for example."We want to see how the strength of the system that got us through the financial crisis can be built on. "The terms of reference should be broad enough to bring in superannuation, banking, insurance, infrastructure development and tax."We have to get up as high as we can and take a broad view."Pottinger joint chief executive Cassandra Kelly said: "The inquiry must be broad [and] about the system as a whole, so it can be aspirational."bankmecu's managing director, Damien Walsh, said funding had to be a central theme of the review, particularly how it related to small financial institutions.Walsh said: "We want to see support for diversity in our financial system."Reflecting the impact of the Australian Centre for Financial Studies' recent research paper, Funding Australia's Future, several speakers talked about the importance of reviewing the changes that had resulted from the growth of superannuation.The Australian Securities and Investments Commission commissioner, Greg Tanzer, said the growth in superannuation "and what that might mean" was one of the biggest developments in the Australian financial system since the last big review.The chief executive of Equipsuper, Danielle Press, said: "Australia's superannuation system needs to grow up. In some ways it not much more than a cottage industry and the way we invest is still a little naïve."We don't invest enough in systems, governance and structure. We have a long way to go."