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Big firms are relatively happy with the financial system but smaller players feel disadvantaged, Financial System Inquiry chair David Murray has revealed.
Mr Murray laid out the finding in a speech last week after receiving more than 270 submissions from businesses, industry associations, regulators, academia and government.
Big business has told the federal inquiry that the financial system is, by and large, working well, Mr Murray said.
However, smaller players have said they feel disadvantaged and have asked the inquiry to help level the playing field in regulation, competition and cost, especially in banking, he said.
Small business has also said there are problems with access to and the cost of finance, he added.
Mr Murray also revealed that consumers believe the regulatory framework is generally sound and that lending has improved.
However, consumers have expressed concerns about disclosure and financial advice, as well as the ability of low-income earners to access some products, he said.
Regulators, meanwhile, have been divided between supporting the current system and asking for more powers.
Mr Murray said the most common issues raised in the submissions were regulation, competition, consumer outcomes, superannuation, banking and technology.
The Financial System Inquiry is expected to release its interim report in July.
