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Economics Committee to scrutinise financial advice sector

Issue date: Sunday, 28 June 2020

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The House of Representatives Standing Committee on Economics will scrutinise the financial advice sector at a hearing by videoconference on 30 June 2020, as part of its ongoing review of the four major banks and other financial institutions.

The Chair of the committee, Mr Tim Wilson MP, said ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s financial advice sector to account’.

‘Many Australians turn to financial advisers and mortgage brokers to help them navigate important financial decisions, such as finding the right mortgage or determining how to best invest in and secure their retirement. It is essential that Australians can trust that financial advisers and mortgage brokers are always acting in their client’s best interests, rather than the interests of the adviser or any third parties.’

‘Given the widespread misconduct in the financial advice sector identified by the Hayne Royal Commission, it is important that financial advisers, mortgage brokers, and those in the industry are held accountable to ensure that they are making the crucial improvements needed to restore trust in the sector.’

Public hearing details

Date: Tuesday, 30 June 2020
Time: 9.00am to 5.00pm
Location: Via video conference

9.00am: Association of Financial Advisers; Financial Planning Association of Australia
10.00am: Mortgage and Finance Association of Australia; Finance Brokers Association of Australia
11.00am: Break
11.15am: Finance Adviser Standards and Ethics Authority
12.00pm: AMP
1.00pm: Lunch
1.45pm: IOOF
2.30pm: Industry Fund Services
3.15pm: Break
3.30pm: Australian Finance Group
4.15pm: Stockbrokers and Financial Advisers Association
5.00pm: Close

The hearings will be broadcast live at aph.gov.au/live.

Media enquiries

Please contact the Committee Chair Mr Tim Wilson MP
Electorate: (03) 9557 4644
Parliament: (02) 6277 2392

For background information

Please contact the committee secretariat
Phone: (02) 6277 4587
Email: economics.reps@aph.gov.au
Website: www.aph.gov.au/economics

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