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:
   1. professional standards or rules of professional conduct which would govern the professional and ethical behaviour of financial advisers; and
   2. professional regulation of such standards or rules; and
3. the recognition of professional bodies by ASIC.