Senate debates

Wednesday, 24 June 2015

Committees

Financial Services

4:08 pm

Photo of Mitch FifieldMitch Fifield (Victoria, Liberal Party, Assistant Minister for Social Services) Share this | Hansard source

The government's position has not changed. The financial services industry has never been under closer scrutiny. Over the past 12 months alone we have had five inquiries into the sector. The Financial System Inquiry made recommendations to strengthen regulation of the financial advice sector and increase ASIC powers, as did the Economics Committee inquiry into the performance of ASIC. We are now working on raising professional standards for financial advisers in response to the bipartisan parliamentary joint committee inquiry. There is also a Senate inquiry into the scrutiny of financial advice which is due to report next year. Another Senate inquiry into forestry managed investment schemes is due to report mid year.

The government has delivered on its commitment to introduce a public register of all financial advisers. At the same time, substantial changes to the regulatory regime for financial advisers through FoFA are due to come into full force on 1 July. Also, the financial advice sector is a key focus for ASIC.

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