Footnotes

Chapter 1 - Introduction

[1]        ASIC Act 2001, s. 243.

[2]        Financial System Inquiry, http://fsi.gov.au/, (accessed 7 November 2014).

[3]        House of Representatives Standing Committee on Finance and Public Administration, A Pocket Full of Change: Banking and Deregulation, 1991, p. 457. 

[4]        Financial System Inquiry, Final Report, March 1997, Overview pp 1–11, 28–29.

[5]        Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into financial products and services in Australia, November 2009, p. 7; Senate Economics Reference Committee, Performance of the Australian Securities and Investments Commission, June 2014, p. 40.

[6]        Recommendation 8, Financial System Inquiry, Final Report, March 1997, pp 263–264.

[7]        Financial System Inquiry, Final Report, March 1997, pp 1–2.

[8]        Financial System Inquiry, Final Report, March 1997, p. 6.

[9]        Financial System Inquiry, Final Report, March 1997, p. 6.

[10]      Financial System Inquiry, Final Report, March 1997, p. 6.

[11]      Financial System Inquiry, Final Report, March 1997, p. 7.

[12]      Financial System Inquiry, Final Report, March 1997, p. 7.

[13]      Kevin Davis, The Australian Financial System in the 2000s: Dodging the Bullet, in The Australian Economy in the 2000s, Reserve Bank Conference 2011, pp 313–314.

[14]      Financial Services Reform Act 2001. s. 911A.

[15]      Financial System Inquiry, Final Report, March 1997, p. 273.

[16]      Kevin Davis, The Australian Financial System in the 2000s: Dodging the Bullet, in The Australian Economy in the 2000s, Reserve Bank Conference 2011, pp 313–314.

[17]      Financial Ombudsman Service, What we do, http://www.fos.org.au/about-us/what-we-do/, (accessed 23 November 2014).

[18]      Kevin Davis, The Australian Financial System in the 2000s: Dodging the Bullet, in The Australian Economy in the 2000s, Reserve Bank Conference 2011, pp 313–314.

[19]      Kevin Davis, The Australian Financial System in the 2000s: Dodging the Bullet, in The Australian Economy in the 2000s, Reserve Bank Conference 2011, p. 314.

[20]      Often referred to as the Ripoll inquiry

[21]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into financial products and services in Australia, November 2009, p. vii.

[22]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into financial products and services in Australia, November 2009, p. 69.

[23]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into financial products and services in Australia, November 2009, pp 150–151.

[24]      The Hon Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law, Media Release No.036, Overhaul of Financial Advice, 26 April 2010.

[25]      ASIC, FOFA Background and Implementation, http://www.asic.gov.au/regulatory-resources/financial-services/future-of-financial-advice-reforms/fofa-background-and-implementation/, (accessed 18 December 2014).

[26]      General advice is defined and discussed at the beginning of Chapter 2.

[27]      Senator the Hon Arthur Sinodinos, Assistant Treasurer, Media Release, Delivering affordable and accessible financial advice, 20 December 2013.

[28]      Treasury, Future of Financial Advice, http://futureofadvice.treasury.gov.au/content/Content.aspx?doc=home.htm, (accessed 18 December 2014).

[29]      The Senate, Journals of the Senate, 27 November 2014, p. 1893.

[30]      Explanatory Statement, Corporations Amendment (Statements of Advice) Regulation 2014, 22 September 2014.

[31]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, pp xvii, xxii.

[32]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, pp xxvii–xxix.

[33]      Senate Economics Committee, Performance of the Australian Securities and Investments Commission, June 2014, pp xvii–xxii, 485.

[34]      Senate Economics Reference Committee, Media Release, 26 June 2014.

[35]      Senate Economics Committee, Performance of the Australian Securities and Investments Commission, June 2014, p. xxxiii.

[36]      Senate Economics Committee, Performance of the Australian Securities and Investments Commission, June 2014, pp xxi–xxxiv.

[37]      Senator the Hon Mathias Cormann, Minister for Finance, Acting Assistant Treasurer, Government response to the Senate inquiry into the performance of ASIC, media release, 24 October 2014, pp xxv, xxviii, xxxi, 21–28.

[38]      Adele Fergusson, The Age, Planner education a new test for Cormann, 21 November 2014.

[39]      Financial System Inquiry, http://fsi.gov.au/terms-of-reference/, (accessed 22 October 2014).

[40]      Financial System Inquiry, Interim Report, July 2014, p. xxxii.

[41]      Financial System Inquiry, Interim Report, July 2014, p. 1-21.

[42]      Financial System Inquiry, Interim Report, July 2014, p. xxxii.

[43]      Financial System Inquiry, Final Report, November 2014, p. 13.

[44]      Financial System Inquiry, Final Report, November 2014, p. 13.

[45]      Financial System Inquiry, Final Report, November 2014, p. 27.

[46]      Financial System Inquiry, Final Report, November 2014, p. 222.

[47]      Financial System Inquiry, Final Report, November 2014, p. 206.

[48]      Financial System Inquiry, Final Report, November 2014, p. 225.

[49]      Financial System Inquiry, Final Report, November 2014, p. 213.

[50]      Financial System Inquiry, Final Report, November 2014, p. 217.

[51]      Financial System Inquiry, Final Report, November 2014, p. 271.

[52]      Professor James Reason, 'Achieving a safe culture: theory and practice', Work and Stress, vol. 12, No. 3, 293–306, 1998, p. 295.

Chapter 2 - Financial product advice and financial advisers

[1]        Corporations Act 2001, s. 766B.

[2]        ASIC's Moneysmart website, Types of financial advice, https://www.moneysmart.gov.au/investing/financial-advice/types-of-financial-advice, (accessed 23 November 2014).

[3]        Corporations Act 2001, s. 766B(1).

[4]        ASIC, Submission 25, p. 39.

[5]        ASIC, Submission 25, p. 38.

[6]        Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into financial products and services in Australia, November 2009, pp 69–70.

[7]        Financial Services Council, Submission 26, p. 3.

[8]        Financial Planning Association of Australia, Submission 6, p. 52.

[9]        ASIC, Report 384 – Regulating Complex Products, January 2014, p. 32.

[10]      Financial System inquiry, Interim Report, July 2014, p. xxxii.

[11]      Financial System Inquiry, Final Report, November 2014, p. 271.

[12]      Financial System Inquiry, Final Report, November 2014, p. 271.

[13]      Mr Luke Lawler, Acting Head of Public Affairs, Customer Owned Banking Association, Committee Hansard, 14 October 2014, p. 26.

[14]      Insurance Council of Australia, Submission 18, p. 5.

[15]      SMSF Professionals’ Association of Australia, Committee Hansard, 13 October 2014, p. 5.

[16]      Financial Services Council, Submission 26, p. 4.

[17]      Financial Planning Association of Australia, Submission 6, p. 4.

[18]      BT Financial Group, Submission 23, p. 5.

[19]      Financial Planning Association of Australia, Submission 6, p. 53.

[20]      Financial Services Council, Submission 26, pp 4, 6.

[21]      Australian Bankers Association, Submission 27, p. 7.

[22]      Australian Bankers Association, Submission 27, p. 8.

[23]      Financial System Inquiry, Final Report, November 2014, p. 272.

[24]      Mr Luke Lawler, Acting Head of Public Affairs, Customer Owned Banking Association, Committee Hansard, 14 October 2014, pp 27–28.

[25]      Financial Planning Association of Australia, Submission 6, p. 53.

[26]      BT Financial Group, Submission 23, p. 5.

[27]      BT Financial Group, Submission 23, p. 6.

[28]      Financial Planning Association of Australia, Submission 6, pp 52–53.

[29]      Australian Bankers Association, Submission 27, p. 8.

[30]      Mr Paul Moran, Submission 1, p. 1.

[31]      Mr Robert Brown, Submission 21, p. 1.

[32]      Professional Standards Councils, Submission 35, Attachment 1, White Paper Professionalisation of Financial Services, p. 11.

[33]      Professional Standards Councils, Submission 35, Attachment 1, White Paper Professionalisation of Financial Services, p. 21.

[34]      Professional Standards Councils, Submission 35, Attachment 1, White Paper Professionalisation of Financial Services, p. 23.

[35]      Professional Standards Councils, Submission 35, Attachment 1, White Paper Professionalisation of Financial Services, p. 22.

[36]      Financial Planning Association of Australia, Submission 6, p. 62.

[37]      Superannuation Consumers' Centre, Submission 11, p. 9; AMP, Submission 12, p. 2.

[38]      New Zealand Companies Office, Financial Service Providers Register, What is the FSPR?, http://www.business.govt.nz/fsp/about-the-fspr/what-is-the-fspr, (accessed 23 November 2014).

[39]      Professional Standards Councils, Submission 35, Attachment 1, White Paper Professionalisation of Financial Services, p. 26.

[40]      Industry Super Australia and the Australian Institute of Superannuation Trustees, Submission 22, p. 2; Finance Sector Union, Submission 5, p. 8; Financial Planning Association of Australia, Submission 6, p. 9.

[41]      Industry Super Australia and the Australian Institute of Superannuation Trustees, Submission 22, p. 14.

[42]      Finance Sector Union, Submission 5, p. 8.

[43]      Financial Planning Association of Australia, Submission 6, p. 9.

[44]      Financial Planning Association of Australia, Submission 6, p. 51.

[45]      BT Financial Group, Submission 23, p. 6.

[46]      Financial Services Council, Submission 26, p. 13.

[47]      Australian Bankers Association, Submission 27, p. 9.

[48]      Financial Ombudsman Service, Submission 33, p. 4.

[49]      The Treasury, Enhanced register of financial advisers, http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2014/Enhanced-register-of-financial-advisers, (accessed 27 November 2014).

[50]      Senator the Hon Mathias Cormann, Finance Minister and Acting Assistant Treasurer, media release, An Enhanced Public Register of Financial Advisers, 24 October 2014.

[51]      ASIC, AFS licensees, http://www.asic.gov.au/for-finance-professionals/afs-licensees/, (accessed 16 December 2014).

[52]      New Zealand Companies Office, Financial Service Providers Register, What is the FSPR?, http://www.business.govt.nz/fsp/about-the-fspr/what-is-the-fspr, (accessed 23 November 2014).

[53]      Financial Planning Standards Council, About Financial Planning Standards Council, http://www.fpsc.ca/about-fpsc, (accessed 23 November 2014).

[54]      U. S. Securities and Exchange Commission, Regulation of Investment Advisers, March 2013, pp 1, 8, 17.

[55]      Singapore, Financial Advisers Act, revised edition 2007, s. 6, 23C.

[56]      Professor Justin O'Brien and Dr George Gilligan, Submission 8, p. 7.

[57]      Dr George Gilligan, Private capacity, Committee Hansard, 13 October 2014, p. 45.

[58]      Mr Hugh Elvy, Financial Planning Leader, Chartered Accountants Australia and New Zealand, Committee Hansard, 13 October 2014, p. 22.

[59]      Mr Paul Drum, Head of Policy, CPA Australia, Committee Hansard, 13 October 2014, p. 22; See also Ms Diane Tate, Policy Director, Retail Policy, Australian Bankers' Association, Committee Hansard, 14 October 2014, p. 10.

[60]      CPA Australia and Chartered Accountants Australia and New Zealand, Answers to questions on notice, 13 October 2014, (received 3 November 2014).

[61]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Committee Hansard, 14 October 2014, p. 4.

[62]      Mr Philip Anderson, Chief Operating Officer, Association of Financial Advisers Ltd, Committee Hansard, 14 October 2014, p. 16.

[63]      Mr Meghan Quinn, General Manager, Financial Systems and Services Division, Treasury, Committee Hansard, 13 October 2014, p. 40.

[64]      Financial System Inquiry, Final Report, November 2014, p. 217.

[65]      ASIC, Answers to questions on notice, 14 October 2014, (received 7 November 2014).

[66]      Dr George Gilligan, Private capacity, Committee Hansard, 13 October 2014, p. 46.

[67]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Committee Hansard, 14 October 2014, p. 5.

[68]      Financial System Inquiry, Final Report, November 2014, p. 250.

Chapter 3 - Qualifications and competence

[1]        Financial products are divided into two categories, Tier 1 and Tier 2. Tier 2 products are usually simpler products and include general insurance products (except for personal sickness and accident), consumer credit insurance, basic deposit products, non-cash products and First Home Saver Accounts. Tier 1 products are more complex and include investment products−for example, securities, superannuation, managed investment schemes and life insurance. ASIC Submission 25, p. 17.

[2]        Financial System Inquiry, Final Report, November 2014, p. 28.

[3]        ASIC, Submission 25, pp 16–17.

[4]        ASIC, Submission 25, p. 16.

[5]        ASIC, Submission 25, p. 18.

[6]        ASIC, Submission 25, p. 18.

[7]        ASIC, Submission 25, pp 18–19.

[8]        ASIC, Submission 25, p. 19.

[9]        Ms Meghan Quinn, General Manager, Financial Systems and Services Division, Treasury, Committee Hansard, 13 October 2014, p. 41.

[10]      FINSIA, Submission 7, p. 4; Industry Super Australia and the Australian Institute of Superannuation Trustees, Submission 22, p. 5.

[11]      ASIC, Submission 25, p. 19; Australian Bankers Association, Submission 27, p. 5; see also Industry Super Australia and the Australian Institute of Superannuation Trustees, Submission 22, p. 4.

[12]      Mrs Andrea Elizabeth Slattery, Managing Director/CEO, SMSF Professionals' Association of Australia, Committee Hansard, 13 October 2014, p. 4; Mr Paul Moran, Private capacity Committee Hansard, 13 October 2014, p. 25;

[13]      Industry Super Australia and the Australian Institute of Superannuation Trustees, Submission 22, pp 5–6.

[14]      ASIC, Submission 25, p. 19.

[15]      Mr Dante De Gori, General Manager, Policy and Conduct, Financial Planning Association of Australia, Committee Hansard, 14 October 2014, p. 44.

[16]      FINSIA, Submission 7, p. 5.

[17]      Finance Sector Union, Submission 5, p. 11.

[18]      Finance Sector Union of Australia, Submission 5, p. 8.

[19]      Dr Deen Sanders, Chief Executive Officer, Professional Standards Councils, Committee Hansard, 14 October 2014, p. 72.

[20]      ASIC, Submission 25, p. 19.

[21]      Parliamentary Joint committee on Corporations and Financial Service, Inquiry into Financial Products and Services in Australia, November 2009, p. 129.

[22]      Parliamentary Joint committee on Corporations and Financial Service, Inquiry into Financial Products and Services in Australia, November 2009, p. 141.

[23]      ASIC, Submission 25, pp 19–20.

[24]      ASIC, Submission 25, p. 20.

[25]      ASIC, Submission 25, p. 20.

[26]      ASIC, Submission 25, p. 21.

[27]      ASIC, Submission 25, pp 21–22.

[28]      CPA Australia and Chartered Accountants Australia and New Zealand, Submission 15, p. 6; Australian Bankers Association, Submission 27, p. 5; see also Dean Evans & Associates Pty. Limited, Submission 2, p. 2; FINSA, Submission 7, p. 2; Finance Sector Union of Australia, Submission 5, p. 12; Superannuation Consumers' Centre, Submission 11, p. 4

[29]      Financial Planning Association of Australia, Submission 6, pp 2, 4.

[30]      Financial Planning Association of Australia, Submission 6, pp 12–13.

[31]      CPA Australia and Chartered Accountants Australia and New Zealand, Submission 15, p. 7.

[32]      CPA Australia and Chartered Accountants Australia and New Zealand, Submission 15, pp 8, 9.

[33]      CPA Australia and Chartered Accountants Australia and New Zealand, Submission 15, pp 8, 9.

[34]      Mr Robert Brown, Submission 21, p. 2.

[35]      SMSF Professionals' Association of Australia, Submission 29, p. 11.

[36]      Mr Dante De Gori, General Manager, Policy and Conduct, Financial Planning Association of Australia, Committee Hansard, 14 October 2014, p. 45.

[37]      ASIC, Submission 25, p. 21; see also Financial Planning Association of Australia, Submission 6, p. 34.

[38]      ASIC, Submission 25, p. 21.

[39]      Association of Financial Advisers, Submission 14, pp 2, 4.

[40]      Axiom Wealth Pty Ltd, Submission 34, p. 6.

[41]      Mr Peter Corrie, Submission 31, p. 1.

[42]      FINSIA, Submission 7, p. 2.

[43]      Ms Siobhan Brahe, Head of Accreditation and Development, FINSIA, Committee Hansard, 14 October 2014, pp 24–25.

[44]      Mr Paul Moran, Private capacity Committee Hansard, 13 October 2014, p. 26.

[45]      FINSIA, Submission 7, p. 4.

[46]      ASIC, Submission 25, p. 23.

[47]      FINSIA, Submission 7, p. 10; Association of Financial Advisers, Submission 14, pp 3, 4; Industry Super Australia and Australian Institute of Superannuation Trustees, Submission 22, p. 2; Finance Sector Union of Australia, Submission 5, p. 14; Superannuation Consumers' Centre, Submission 11, p. 9; CHOICE, Submission 20, p. 1.

[48]      FINSIA, Submission 7, p. 3; Ms Siobhan Brahe, Head of Accreditation and Development, Financial Services Institute of Australasia, Committee Hansard, 14 October 2014, p. 19.

[49]      Mrs Bianca Richardson, Senior Policy Manager, Advice, Financial Services Council, Committee Hansard, 14 October 2014, p. 35.

[50]      Superannuation Consumers' Centre, Submission 11, p. 4.

[51]      Ms Erin Turner, CHOICE, Committee Hansard, 14 October 2014, p. 2.

[52]      Industry Super Australia and the Australian Institute of Superannuation Trustees, Submission 22, p. 6.

[53]      ASIC, Submission 25, pp 23–24.

[54]      Australian Financial Markets Association, Submission 13, p. 4; CPA Australia and Chartered Accountants Australia and New Zealand, Submission 15, p. 6.

[55]      Mr Paul Drum, Head of Policy, CPA Australia, Committee Hansard, 13 October 2014, p. 17.

[56]      Ms Siobhan Brahe & Mr Russell Thomas, FINSIA, Committee Hansard, 14 October 2014, p. 21; Superannuation Consumers' Centre, Submission 11, p. 7; Financial Planning Association of Australia, Submission 6, Supplementary submission, 'Australian Higher Education Curriculum and Accreditation Framework in Financial Planning', p. 18.

[57]      Financial Planning Association of Australian, Submission 6, pp 4, 50–51.

[58]      Financial System Inquiry, Final Report, November 2014 p. 225.

[59]      Civil Aviation Safety Authority, Application to conduct PEXO exams, http://www.casa.gov.au/scripts/nc.dll?WCMS:STANDARD::pc=PC_90080, (accessed 9 November 2014).

[60]      Australian Maritime College, Invigilators – Marine Radio Operators Certificates, p. 1.

[61]      Financial Planning Association of Australia, Submission 6, p. 20.

[62]      ASIC, Submission 25, p. 24.

[63]      ASIC, Submission 25, p. 25.

[64]      FINSIA, Submission 7, p. 2; Financial Planning Association of Australia, Submission 6, pp 2, 4; Industry Super Australia and Australian Institute of Superannuation Trustees, Submission 22, p. 2; CPA Australia and Chartered Accountants Australia and New Zealand, Submission 15, p. 3; CHOICE, Submission 20, pp 1–2; Australian Bankers Association, Submission 27, p. 5; Mr Jock Kreitals, Real Estate Institute of Australia, Committee Hansard, 13 October 2014, p. 54.

[65]      Dean Evans & Associates Pty. Limited, Submission 2, p. 2.

[66]      SMSF Professionals' Association of Australia, Submission 29, p. 11.

[67]      Financial Planning Association of Australia, Submission 6, p. 19; Industry Super Australia and Australian Institute of Superannuation Trustees, Submission 22, p. 10.

[68]      Financial Planning Association of Australia, Submission 6, p. 19.

[69]      FINSIA, Submission 7, p. 9.

[70]      Financial Planning Association of Australia, Submission 6, pp 4, 20–21.

[71]      Mr Paul Moran, Submission 1, p. 4.

[72]      Industry Super Australia and Australian Institute of Superannuation Trustees, Submission 22, p. 10.

[73]      Australian Bankers Association, Submission 27, p. 6.

[74]      SMSF Professionals' Association of Australia, Submission 29, p. 11.

[75]      FINSIA, Submission 7, pp 11–12.

[76]      Financial Planning Association of Australia, Submission 6, p. 5.

[77]      Financial Planning Association of Australia, Submission 6, p. 5.

[78]      Financial Planning Association of Australia, Submission 6, p. 5.

[79]      Financial Planning Association of Australia, Submission 6, p. 8–9.

[80]      Financial Planning Association of Australia, Submission 6, p. 2.

[81]      Financial Planning Association of Australia, Submission 6, p. 4.

[82]      Superannuation Consumers' Centre, Submission 11, p. 16.

[83]      Financial Services Council, Submission 26, p. 3.

[84]      Financial Planning Association of Australia, Submission 6, supplementary submission, p. 2.

[85]      Ms Joanna Bird, Senior Executive Leader, ASIC, Committee Hansard, 14 October 2014, p. 53.

[86]      Financial Planning Association of Australia, Submission 6, Supplementary submission 2, p. 1.

Chapter 4 - Professional and ethical standards

[1]        Dr Stuart Gilman, Ethical codes and codes of conduct as tools for promoting an ethical and professional public service, 2005, pp 8, 16, 70.

[2]        Professions Australia, Ethics Resource Centre, Codes of Ethics Code Principles, http://www.professions.com.au/codeprinciples.html, (accessed 18 December 2014).

[3]        Professions Australia, Ethics Resource Centre, Codes of Ethics Code Principles, http://www.professions.com.au/codeprinciples.html, (accessed 18 December 2014) listed at Appendix 3 of this report.

[4]        Professional Standards Councils, What is a Profession?, http://www.psc.gov.au/what-is-a-profession, (accessed 18 December 2014).

[5]        Professions Australia, Definition of a Profession, http://www.professions.com.au/definitionprofession.html, (accessed 11 Nov 20014).

[6]        Dr George Gilligan, University of New South Wales,  Benchmark Reform and the Future of Financial Regulation, 1 December 2014,

[7]        ASIC, Submission 25, p. 10.

[8]        ASIC, Submission 25, p. 10.

[9]        ASIC, Submission 25, p. 31.

[10]      Superannuation Consumers' Centre, Submission 11, pp 12–13.

[11]      Accounting Professional & Ethical Standards Boards, Submission 4, p. 1.

[12]      Financial Planning Association of Australia, Submission 6, pp 2, 44.

[13]      ASIC, Submission 25, p. 10.

[14]      Mr Paul Moran, Submission 1, p. 4; Financial Planning Association of Australia, Submission 6, pp 29, 32.

[15]      Dean Glyn-Evans, Deans Evans & Association Pty. Limited, Submission 2, p. 3.

[16]      Financial Planning Association of Australia, Submission 6, p. 31.

[17]      ASIC, Submission 25, p. 31.

[18]      ASIC, Submission 25, p. 10.

[19]      Financial Planning Association of Australia, Submission 6, p. 32.

[20]      SMSF Professionals' Association of Australian, Submission 29, p. 17; Financial Planning Association of Australia, Submission 6, p. 32.

[21]      Financial Planning Association of Australia, Submission 6, p. 32.

[22]      Professional Standards Councils, Submission 35, Attachment 1, White Paper Professionalisation of Financial Services, p. 14.

[23]      Professional Standards Councils, Submission 35, Attachment 1, White Paper Professionalisation of Financial Services, p. 15.

[24]      Professional Standards Councils, Submission 35, Attachment 1, White Paper Professionalisation of Financial Services, pp 12–13.

[25]      Consumer Credit Legal Service WA, Submission 16, p. 5.

[26]      Consumer Credit Legal Service WA, Submission 16, p. 5.

[27]      Australian Bankers Association, Submission 27, p. 3.

[28]      Financial Planning Association of Australia, Submission 6, p. 34.

[29]      Consumer Credit Legal Service WA, Submission 16, p. 5.

[30]      Dr Deen Sanders, Chief Executive Officer, Professional Standards Councils, Committee Hansard, 14 October 2014, p. 72.

[31]      CPA Australia and Chartered Accountants Australia and New Zealand, Submission 15, p. 14.

[32]      Professional Standards Councils, Are you ready to apply for a Professional Standards Scheme?, http://www.psc.gov.au/professional-standards-schemes/are-you-ready-apply, (accessed 27 November 2014).

[33]      Mr Philip Anderson, Chief Operating Officer, Association of Financial Advisers Ltd, Committee Hansard, 14 October 2014, p. 15.

[34]      ASIC, Submission 25, p. 5.

[35]      Association of Financial Advisers, Submission 14, p. 9.

[36]      Financial Planning Association of Australia, Submission 6, pp 38, 44.

[37]      Association of Financial Advisers, Submission 14, p. 9; Superannuation Consumers' Centre, Submission 11, p. 5; CPA Australia and Chartered Accountants Australia New Zealand,  Submission 15, p. 17; Axiom Wealth Pty Ltd, Submission 34, p. 5.

[38]      FINSIA, Submission 7, p. 13.

[39]      Financial Services Council, Submission 26, p. 10.

[40]      Ms Jennifer Mack, Chair, Superannuation Consumers' Centre, Committee Hansard, 14 October 2014, p. 61.

[41]      Professional Standards Councils, Submission 35, p. 4.

[42]      Dr Deen Sanders, Chief Executive Officer, Professional Standards Councils, Committee Hansard, 14 October 2014, p. 66.

[43]      Professional Standards Councils, What are Professional Standards Schemes?, http://www.psc.gov.au/professional-standards-schemes/what-are-schemes, (accessed 27 November 2014).

[44]      Professional Standards Councils, Why apply for a Professional Standards Scheme?, http://www.psc.gov.au/professional-standards-schemes/why-apply, (accessed 27 November 2014).

[45]      Professional Standards Councils, Are you ready to apply for a Professional Standards Scheme?, http://www.psc.gov.au/professional-standards-schemes/are-you-ready-apply, (accessed 27 November 2014).

[46]      Dr Deen Sanders, Chief Executive Officer, Professional Standards Councils, Committee Hansard, 14 October 2014, p. 67.

[47]      Association of Financial Advisers, Answers to questions on notice, taken on 14 October 2014, (received on 3 November 2014).

[48]      Financial Planning Association of Australia, Submission 6, supplementary submission, p. 7.

[49]      Association of Financial Advisers, Answers to questions on notice, taken on 14 October 2014, (received on 3 November 2014).

Appendix 3 - Professions Australia's code of ethics[1]

[1] Extracted from Professions Australia under the Ethics Resource Centre, Code of Ethics, http://www.professions.com.au/codeprinciples.html.