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Dear Senator Fawcett
Pursuant to the committee's duties set out in section 243 of the Australian Securities and Investments Commission Act 2001, the committee will examine proposals to lift the professional, ethical and education standards in the financial services industry, including these terms of reference:
tE the adequacy of current qualifications required by financial advisers;
2. the implications, including implications for competition and the cost of regulation for industry participants of the financial advice sector being required to adopt:
a. professional standards or rules of professional conduct which would govern the professional and ethical behaviour of financial advisers; and
b. professional regulation of such standards or rules; and
3. the recognition of professional bodies by ASIC.
Committee Secretariat contact:
Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Phone: +61 2 6277 3583
Fax: +61 2 6277 5719
corporations.joint@aph.gov.au
SECOND INQUIRY Chaired by SENATOR DASTYARI deadline 5th DECEMBER 2014
Implications of financial advice reforms, with particular reference to terms of reference:
a. the current level of consumer protections;
b. the role of, and oversight by, regulatory agencies in preventing the provision of unethical and misleading financial advice;
c. whether existing mechanisms are appropriate in any compensation process relating to unethical or misleading financial advice and instances where these mechanisms may have failed;
d. 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;
e. how financial services providers and companies have responded to misconduct in the industry;
f. other regulatory or legislative reforms that would prevent misconduct; and
g. any related matters.
Committee Secretariat contact:
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Phone: +61 2 6277 3540
Fax: +61 2 6277 5719
economics.sen@aph.gov.au