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.

Media release issue date: Sunday, 28 June 2020

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