Terms of Reference

Implications of financial advice reforms, with particular reference to:

  1. the current level of consumer protections;
  2. the role of, and oversight by, regulatory agencies in preventing the provision of unethical and misleading financial advice;
  3. whether existing mechanisms are appropriate in any compensation process relating to unethical or misleading financial advice and instances where these mechanisms may have failed;
  4. mechanisms, including a centralised register, that would ensure financial planners found to have breached any law or professional standards in their employment are transparent, for both the sector and consumers;
  5. how financial services providers and companies have responded to misconduct in the industry;
  6. other regulatory or legislative reforms that would prevent misconduct; and
  7. any related matters.

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.

Committee Secretariat contact:

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

Phone: +61 2 6277 3540