Economics Committee to examine financial advice sector, then IFM Investors

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.

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