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Financial products and services in Australia 23 November 2009 © Commonwealth of Australia 2009 ISBN 978-1-74229-211-3

View the report as a single document - (PDF 5075KB)

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View the report as separate downloadable parts:

Members of the Committee	(PDF 14KB)
Duties of the Committee	(PDF 15KB)
Terms of Reference	(PDF 188KB)
Chapter 1 - Introduction	(PDF 133KB)
Terms of reference Definitions of key inquiry terms Conduct of the inquiry Acknowledgement and thanks to contributors Note on references Report structure Privilege issue
Chapter 2 - Current regulation of financial products and services in Australia	(PDF 207KB)
Financial services regulation in Australia Financial services sector in Australia
Chapter 3 - The collapse of Storm Financial	(PDF 327KB)
Acknowledgement of effect on investors Limitations of the committee's inquiry The Storm Financial business model Events surrounding the collapse of Storm Financial Issues of concern Lender responses to the Storm collapse ASIC's response to the collapse Committee conclusions
Chapter 4 - The collapse of Opes Prime	(PDF 251KB)
Acknowledgement of effect on clients Limitations of the committee's inquiry The Opes Prime business model Events surrounding the collapse of Opes Prime Client understanding and perspective The position of the ANZ Bank The position of the regulator Opes Prime scheme of arrangement Lessons to be learned
Chapter 5 - Issues raised during the inquiry	(PDF 314KB)
A sales or advice industry? Poor advice or faulty product? Regulatory issues Enforcement issues Financial literacy
Chapter 6 - Suggestions for regulatory reform	(PDF 379KB)
Standards of advice Disclosure Remuneration Licensing Lending practices Product limitation Investor compensation Financial literacy
Chapter 7 - Conclusion: Recommendations for reform	(PDF 126KB)
Appendix 1 - Submissions received by the committee	(PDF 94KB)
Appendix 2 - Witnesses who gave evidence at public hearings	(PDF 160KB)
CANBERRA, 24 JUNE 2009 MELBOURNE, 26 AUGUST 2009 CANBERRA, 28 AUGUST 2009 CAIRNS, 1 SEPTEMBER 2009 TOWNSVILLE, 2 SEPTEMBER 2009 BRISBANE, 3 SEPTEMBER 2009 SYDNEY, 4 SEPTEMBER 2009 CANBERRA, 16 SEPTEMBER 2009 CANBERRA, 28 OCTOBER 2009
Appendix 3 - Answers to questions taken on notice	(PDF 472KB)
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)
Appendix 4 - List of tabled material and key additional information provided to the inquiry	(PDF 97KB)
Canberra, 24 June 2009 Melbourne, 26 August 2009 Canberra, 16 September 2009 Key additional information
Appendix 5 - Report on a matter of parliamentary privilege	(PDF 95KB) (PDF 2238KB)

For further information, contact:

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