The Financial System Inquiry asked yesterday that initial submissions to be lodged by March 31.David Murray, chairman of the Inquiry, said in a media release that "an important role of the Inquiry is to assess the current state of the Australian financial system and the extent to which the system meets the needs of users of the system.""Respondents are invited to comment on the strengths of the system as well as identifying potential gaps and deficiencies."The Inquiry would also welcome submissions on the factors likely to reshape Australia's financial system over the foreseeable future."He said the Inquiry "would welcome practical suggestions for improving regulatory settings and reducing unnecessary compliance costs."There will be a second call for submissions, following release of the Inquiry's interim report, in mid-2014.