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23 November 2009
© Commonwealth of Australia 2009 ISBN 978-1-74229-211-3
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Terms of referenceDefinitions of key inquiry termsConduct of the inquiryAcknowledgement and thanks to contributorsNote on referencesReport structurePrivilege issue
Financial services regulation in AustraliaFinancial services sector in Australia
Acknowledgement of effect on investorsLimitations of the committee's inquiryThe Storm Financial business modelEvents surrounding the collapse of Storm FinancialIssues of concernLender responses to the Storm collapseASIC's response to the collapseCommittee conclusions
Acknowledgement of effect on clientsLimitations of the committee's inquiryThe Opes Prime business modelEvents surrounding the collapse of Opes PrimeClient understanding and perspectiveThe position of the ANZ BankThe position of the regulatorOpes Prime scheme of arrangementLessons to be learned
A sales or advice industry?Poor advice or faulty product?Regulatory issuesEnforcement issues Financial literacy
Standards of adviceDisclosureRemunerationLicensingLending practicesProduct limitationInvestor compensationFinancial literacy
CANBERRA, 24 JUNE 2009MELBOURNE, 26 AUGUST 2009CANBERRA, 28 AUGUST 2009CAIRNS, 1 SEPTEMBER 2009TOWNSVILLE, 2 SEPTEMBER 2009BRISBANE, 3 SEPTEMBER 2009SYDNEY, 4 SEPTEMBER 2009CANBERRA, 16 SEPTEMBER 2009CANBERRA, 28 OCTOBER 2009
ASIC (Canberra hearing, 24 June 2009)Financial Ombudsman Service (FOS) (Melbourne hearing, 26 August 2009)CPA (Melbourne hearing, 26 August 2009)Treasury (Canberra hearing, 28 August 2009)FPA (Canberra hearing, 28 August 2009)Gus Dalle Cort (Cairns hearing, 1 September 2009)Commonwealth Bank of Australia (Sydney hearing, 4 September 2009)Professional Investment Services (Sydney hearing, 4 September 2009)ASIC (Canberra hearing, 16 September 2009)Bank of Queensland (Canberra hearing, 16 September 2009)Macquarie Bank (Canberra hearing, 28 October 2009)Commonwealth Bank of Australia (Canberra hearing, 28 October 2009)
Canberra, 24 June 2009Melbourne, 26 August 2009Canberra, 16 September 2009 Key additional information
Committee Secretary Parliamentary Joint Committee on Corporations and Financial Services PO Box 6100 Parliament House Canberra ACT 2600 Australia Phone: +61 2 6277 3583 Fax: +61 2 6277 5719 Email: corporations.joint@aph.gov.au
Committee Secretary Parliamentary Joint Committee on Corporations and Financial Services PO Box 6100 Parliament House Canberra ACT 2600 Australia
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