The article discusses how Australia changed its financial services regulations after the 2008 global credit crisis. The new system regulates all financial services together, instead of separately by industry. It focuses on protecting everyday people who use financial services, like banking or investing. The new rules require licenses for anyone entering the financial market and set obligations for those offering services to the public. This information is important for people working in finance, studying financial services law, or anyone wanting to understand the new regulations in Australia.