The Senate Economics References Committee examined proposals to lift the professional, ethical and education standards in the financial services industry.

Terms of Inquiry:

Following a recommendation by the Senate Economics References Committee inquiry into the performance of ASIC, the committee  resolved on 14 July 2014, to inquire into proposals to lift the professional, ethical and education standards in the financial services industry with the terms of reference set out below.

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:

1. 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.