Terms of Reference

Implications of financial advice reforms, with particular reference to:

  1. the current level of consumer protections;
  2. the role of, and oversight by, regulatory agencies in preventing the provision of unethical and misleading financial advice;
  3. whether existing mechanisms are appropriate in any compensation process relating to unethical or misleading financial advice and instances where these mechanisms may have failed;
  4. mechanisms, including a centralised register, that would ensure financial planners found to have breached any law or professional standards in their employment are transparent, for both the sector and consumers;
  5. how financial services providers and companies have responded to misconduct in the industry;
  6. other regulatory or legislative reforms that would prevent misconduct; and
  7. any related matters.

On 2 March 2016, the Senate referred the following additional matters to the Economics References Committee as part of its inquiry into the implications of financial advice reforms:

  1. the need for further reform and improved oversight of the life insurance industry;
  2. whether entities are engaging in unethical practices to avoid meeting claims;
  3. whether a life insurance industry code of conduct is required;
  4. the role of the Australian Securities and Investments Commission in reform and oversight of the industry; and
  5. any related matters.

Committee Secretariat contact:

Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3540
Fax: +61 2 6277 5719
economics.sen@aph.gov.au

Facebook LinkedIn Twitter Add | Email Print

About this inquiry

Inquiry into the implications of financial advice reforms.

Past Public Hearings

28 Apr 2016: Sydney, NSW
28 Oct 2015: East Melbourne, VIC
30 Sep 2015: Melbourne, VIC

more...

Inquiry Status

Inquiry lapsed

Accessibility

If you require any special arrangements to enable you to participate in the Committee's inquiry, please contact the Committee Secretariat.

Further information regarding accessibility can be found at www.aph.gov.au/Help/Accessibility

Back to top