Research houses and credit rating agencies (CRA) will come under immediate review by the Federal Government in order to enhance their transparency, Superannuation and Corporate Law Minister Nick Sherry announced yesterday.

"There have been some very serious concerns voiced to me about the role CRAs may have played in some aspects of recent financial market problems," Sherry said.

The Treasury will work with ASIC and get input from the Australian Prudential Regulation Authority and other investors, shareholders and superannuation groups to conduct the review, he said.

"Investors and planners rely on the assessments from research houses and rating agencies and we need to ensure a more robust analysis with more appropriate descriptions," Sherry said.

"Enhancing the operation, transparency and effectiveness of financial system gatekeepers like CRAs is of paramount concern to this Government."

The review will also involve consultation from groups including the Securities and Derivatives Industry Association, the Investment and Financial Services Association, the Association of Superannuation Funds of Australia and the Australian Shareholders' Association.

Sherry also reiterated a proposal for a national regulatory system for credit-related financial services such as mortgages, debentures, property investment spruikers and margin lending. The current state-based system had not been able to prevent inappropriate advice and predatory lending, he said.

"Australia needs a financial services regulatory structure for the 21st century," he said, "one which provides the highest standards ... at a national level," he said.

A simple, standard and consistent national regulatory system would be the first in the Western World, he pointed out.  A Green Paper would be issued shortly that would seek out comment on Commonwealth regulator options.

Also commenting on the state of the credit industry, ASIC chairman Tony D'Aloisio noted that "concerns have been expressed about credit rating agencies' accountability, transparency and the competitiveness in the industry".

"The issue for us is to promote an environment that creates credit ratings that are well understood and are of the highest quality and independence as possible," he said at a an speech in Melbourne yesterday.