The House of Representatives Standing Committee on Economics will hear from key industry bodies, as well as from a range of financial advice firms at a public hearing via videoconference on Thursday 29 July 2021, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.
The Chair of the committee, Mr 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.’
‘The Committee is looking froward to hearing what lessons have been learned by the industry over the course of the pandemic and what policy changes and technological innovations have been adopted in light of the Hayne Royal Commission.
‘There is ongoing anger and frustration from financial advisers about regulation surrounding their sector, the Committee will also scrutinise the justification and consequences that lead to financial advisers leaving the sector and the increasing limit of financial advice to those who cannot afford upfront payments.’
Following the Financial Advice hearing, IFM Investors will appear before the committee from 4.15pm for a superannuation sector hearing.
Public hearing details
Financial Advice
Date: Thursday, 29 July 2021
Time: 9.00am to 3.45pm
Location: Videoconference
Superannuation
Date: Thursday, 29 July 2021
Time: 4.15pm to 5.15pm
Location: Videoconference
The hearings will be webcast at aph.gov.au/live.
