Scrutiny of Financial Advice

At the dissolution of the Senate and the House of Representatives on 9 May 2016 for a general election on 2 July 2016, the parliamentary committees of the 44th Parliament ceased to exist. Therefore inquiries that were not completed have lapsed and submissions cannot be received.  However, information about the inquiries is still available on this website. 

On 11 October 2016, the Senate agreed to the committee's recommendation that this inquiry be re-adopted in the 45th Parliament. Information about the re-adopted inquiry is available here.

This is an archived webpage that is no longer updated

On 4 September 2014, the Senate referred an inquiry into the Scrutiny of Financial Advice to the Senate Economics References Committee for inquiry and report by the first sitting day of July 2015. On 2 March 2015, the Senate granted an extension to the committee to report by 1 February 2016.

On 2 February 2016, the committee was granted a further extension to report by 31 August 2016.

Submissions closed on 5 December 2014.

Additional terms of reference—call for submissions on life insurance industry

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.

Submissions for this inquiry into the insurance industry close on 15 April 2016.

The final reporting date for the inquiry has been extended to 31 August 2016. This inquiry has had several extensions since it was first referred to the committee in September 2014. The duration of the inquiry and the extensions granted reflect the breadth and complexity of the matters that have been raised throughout the process. The committee has taken time to inquire into several discrete but related matters during the inquiry, including the provision of advice on, and marketing of, land banking schemes. Prior to tabling its final report, the committee intends to table an interim report addressing specifically land banking schemes. Further interim reports may also be tabled on other matters relevant to the terms of reference, depending on the course of the inquiry process.  

An interim report was tabled on 1 February 2016. The interim report simply informed the President of the Senate, Senator the Hon Stephen Parry, that the committee intends to table its final report before 31 August 2016.

The committee welcomes the strong interest in the inquiry and the important matters being addressed.

Under its terms of reference the committee will inquire into the provision of advice on, and marketing of, land banking. The committee will receive submissions on this matter.

Important Information

Submitters should note that the committee is not in a position to resolve individual disputes or settle complaints about financial advice provided. Please note that all documents sent to the inquiry become committee documents on receipt, and are only made public following a decision of the committee. The committee may decide not to accept or not to publish material not relevant to the inquiry’s terms of reference or which reflects adversely on others. If you have any questions about your submission please contact the committee secretariat.

Because of the nature of this inquiry, allegations of misconduct related to the provision of financial advice or related matters may have been made against certain named individuals or organisations. The committee may decide to publish material that contains adverse comments.

The committee wishes to inform people that they have the right to respond to any such adverse reflections made against them in written submissions. If you would like to take the opportunity to respond to adverse comments made about you in written submissions, please contact the committee secretariat or you may write directly to the secretariat at the address below. You should confine your comments to the adverse comments made about you.

Committee Secretariat contact:

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

Phone: +61 2 6277 3540