{"id":27358,"date":"2014-09-08T10:15:27","date_gmt":"2014-09-08T00:15:27","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=27358"},"modified":"2014-09-23T18:21:38","modified_gmt":"2014-09-23T08:21:38","slug":"scrutiny-of-financial-advice-sector-continues","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/09\/08\/scrutiny-of-financial-advice-sector-continues\/","title":{"rendered":"Scrutiny of Financial Advice Sector Continues"},"content":{"rendered":"<p><span style=\"font-size: 14px;line-height: 1.5em\">The increased public scrutiny of the financial sector is likely to continue over the next twelve months, after two more Parliamentary inquiries were requested last week.<\/span><\/p>\n<p><!--more--><\/p>\n<figure id=\"attachment_26770\" aria-describedby=\"caption-attachment-26770\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2014\/07\/Sam-Dastyari.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-26770\" alt=\"Senator Sam Dastyari\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2014\/07\/Sam-Dastyari.jpg\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-26770\" class=\"wp-caption-text\">Senator Sam Dastyari<\/figcaption><\/figure>\n<p>Dissatisfied with the Government\u2019s amendments to the Future of Financial Advice legislation, Labor Senator, <strong>Sam Dastyari<\/strong>, has called for another review into the protections afforded to financial advice consumers.<\/p>\n<p>On 4 September, Senator Dastyari moved that an inquiry be undertaken by the Senate Economics References Committee into the implications of the FoFA regime.<\/p>\n<p>Senator Dastyari has requested that the inquiry look into:<\/p>\n<ul>\n<li>The current level of consumer protections<\/li>\n<li>The role of, and oversight by, regulatory agencies in preventing the provision of unethical and misleading financial advice<\/li>\n<li>Whether existing mechanisms are appropriate in any compensation process relating to unethical or misleading financial advice and instances where these mechanisms may have failed<\/li>\n<li>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<\/li>\n<li>How financial services providers and companies have responded to misconduct in the industry<\/li>\n<li>Other regulatory or legislative reforms that would prevent misconduct and any related matters<\/li>\n<\/ul>\n<p>The Committee was asked to report on the matter by the first sitting day of July 2015, indicating it will be some time before the advice sector is out of the spotlight. The Committee has yet to publish the formal terms of reference for the inquiry, or to call for submissions.<\/p>\n<p>Meanwhile, the Government\u2019s FoFA amendments Bill, which passed the House of Representatives on 28 August (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2014\/08\/28\/fofa-bill-passes-house-of-reps\/\">FoFA Bill Passes House of Reps<\/a>) \u00a0has again been referred to the Senate Economics Legislation Committee (SELC) for review. This will be the second time the SELC has conducted an inquiry into the Bill, having delivered a report on its contents in June this year (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2014\/06\/17\/committee-gives-fofa-reforms-green-light\/\">Green Light for FoFA Amendments<\/a>). Submissions for the new inquiry close 15 September 2014 and the report is due by the end of this month.<\/p>\n<p>The new inquiries follow in the footsteps of a current review being undertaken by the Parliamentary Joint Committee on Corporations and Financial Services (PJC) into proposals to lift the professional, ethical and education standards in the financial services industry. Submissions have now closed, and the PJC is due to provide its report later this year. For more detail on the submissions lodged by key industry stakeholders, <a href=\"https:\/\/riskinfo.com.au\/news\/2014\/09\/09\/no-consensus-on-need-for-national-advice-exam\/\">click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The increased public scrutiny of the financial sector is likely to continue over the next twelve months, after two more Parliamentary inquiries were requested last week.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":{"0":"post-27358","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-compliance-regulation"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=27358"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27358\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=27358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=27358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=27358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}