This background paper explains both the current education and training requirements for financial advisers or financial planners and the key aspects of recent reforms in this area. This paper has been prepared using publicly available information.

This technical paper has been prepared for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industries. Its purpose is to explain in general terms the legal framework within which financial advice is provided, and financial products are sold, to Australian households.

This background paper provides information about the key participants in the Australian financial planning industry, some features of this industry, the main services offered by financial planners and advisers, as well as an outline of a selection of regulatory issues.

This background paper outlines the main categories of financial products available to retail investors, the size of retail investment in the main categories of financial products held by Australian retail investors and the ways in which retail investors are protected, including prohibitions and restrictions on retail investment in particular financial products.

The purpose of this issues paper is to briefly set out matters from the Terms of Reference that are the subject of focus by the Commission, so as to assist any person or organisation wishing to submit a submission, or in the process of preparing one.