The 'too big to fail' issue, excessive superannuation fees and the financial system's capacity to manage longevity risk are three themes selected by Treasury as "key policy issues currently being considered by the financial system inquiry," said David Gruen, executive director of the macroeconomic group at Treasury, yesterday."A more active regulatory environment is appropriate for the financial system than for other parts of the economy," Gruen told delegates at the CEDA State of the Nation 2014 forum.Failed insurer HIH cost the taxpayer "$650 million and required the Treasury to run an insurance company - HIH Claims Support Limited - for 12 years," he said."Government intervention in the financial system should aim to improve both its stability and efficiency," he asserted."To this end, the role of government should be to encourage a competitive, market-based, system that recognises the private sector's primary role in responding to customer needs."