THE House of Representatives Standing Committee on Economics will scrutinise the financial advice sector at a hearing by videoconference on June 30, 2020, as part of its ongoing review of the four major banks and other financial institutions.
The chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s financial advice sector to account."
"Many Australians turn to financial advisers and mortgage brokers to help them navigate important financial decisions, such as finding the right mortgage or determining how to best invest in and secure their retirement. It is essential that Australians can trust that financial advisers and mortgage brokers are always acting in their client’s best interests, rather than the interests of the adviser or any third parties."
"Given the widespread misconduct in the financial advice sector identified by the Hayne Royal Commission, it is important that financial advisers, mortgage brokers, and those in the industry are held accountable to ensure that they are making the crucial improvements needed to restore trust in the sector."
Public hearing details
Date: Tuesday, 30 June 2020
Association of Financial Advisers
Financial Planning Association of Australia
Mortgage and Finance Association of Australia
Finance Brokers Association of Australia
Finance Adviser Standards and Ethics Authority
Industry Fund Services
Australian Finance Group
Stockbrokers and Financial Advisers Association
The hearings will be broadcast live at aph.gov.au/live.