At the Financial Services Council event last week Mr Hockey said that Australians need to have confidence that the financial services industry is acting in their best interests.
He pledged that a future Coalition government would implement a full review of the financial system.
"I do not want the industry to think this is just another inquiry. I know there is an element of reform fatigue and that change always imposes costs in both time and money."
The Coalition's approach would be a high-level review of the overall financial system, Mr Hockey said.
"Now that the superannuation and funds management industries are a significant part of Australia's financial system, a proper inquiry must include the security and governance of these industries.
"What I have in mind is a wide perspective look at where we want the financial system to be in 15 years and the steps we will need to get there."
The global financial crisis and the changing competitive structure of Australia's financial industry have had implications on the way the financial sector worked and its relationship with the real economy, Mr Hockey said.
"We need to ensure the competitive and prudential structure continues to facilitate the efficient flow of funds between savers and borrowers, that it promotes investment and growth and that it provides a safe repository for savings," he said.
"It is with these objectives in mind that we need a new root and branch review of the financial system.
"This is not something to be afraid of, but rather should be embraced as laying out a roadmap for the future development of the financial sector in Australia."
