Inquiry into Financial Products and Services in Australia
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Terms of reference
On 25 February 2009 the Parliamentary Joint Committee
on Corporations and Financial Services resolved to inquire into and report
by 23 November 2009 on the issues associated with recent financial product
and services provider collapses, such as Storm Financial, Opes Prime and
other similar collapses, with particular reference to:
1. the role of financial advisers;
2. the general regulatory environment for these
products and services;
3. the role played by commission arrangements
relating to product sales and advice, including the potential for
conflicts of interest, the need for appropriate disclosure, and
remuneration models for financial advisers;
4. the role played by marketing and advertising
campaigns;
5. the adequacy of licensing arrangements for those
who sold the products and services;
6. the appropriateness of information and advice
provided to consumers considering investing in those products and
services, and how the interests of consumers can best be served;
7. consumer education and understanding of these
financial products and services;
8. the adequacy of professional indemnity insurance
arrangements for those who sold the products and services, and the impact
on consumers; and
9. the need for any legislative or regulatory change.
On 16 March 2009 the Senate agreed that the following
additional matter be referred to the Parliamentary Joint Committee on
Corporations and Financial Services as part of that committee's inquiry
into financial products and services in Australia, adopted by the
committee on 25 February 2009 for inquiry and report by 23 November 2009:
The committee will investigate the involvement of the
banking and finance industry in providing finance for investors in and
through Storm Financial, Opes Prime and other similar businesses, and the
practices of banks and other financial institutions in relation to margin
lending associated with those businesses.
In conducting its
inquiry, the Committee has made a decision to focus specifically on
non-superannuation products and services.
For further information, contact:
Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
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