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Financial products and services in Australia
23 November 2009
© Commonwealth of Australia 2009
ISBN 978-1-74229-211-3 |
View the report as a single document - (PDF 5075KB)
View the report as separate downloadable parts:
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| Members of the Committee |
(PDF 14KB) |
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| Duties of the Committee |
(PDF 15KB) |
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| Terms of Reference |
(PDF 188KB) |
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| Chapter 1 - Introduction |
(PDF 133KB) |
Terms of reference
Definitions of key inquiry terms
Conduct of the inquiry
Acknowledgement and thanks to contributors
Note on references
Report structure
Privilege issue
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| Chapter 2 - Current regulation of financial products and services in Australia |
(PDF 207KB) |
Financial services regulation in Australia
Financial services sector in Australia
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| Chapter 3 - The collapse of Storm Financial |
(PDF 327KB) |
Acknowledgement of effect on investors
Limitations of the committee's inquiry
The Storm Financial business model
Events surrounding the collapse of Storm Financial
Issues of concern
Lender responses to the Storm collapse
ASIC's response to the collapse
Committee conclusions
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| Chapter 4 - The collapse of Opes Prime |
(PDF 251KB) |
Acknowledgement of effect on clients
Limitations of the committee's inquiry
The Opes Prime business model
Events surrounding the collapse of Opes Prime
Client understanding and perspective
The position of the ANZ Bank
The position of the regulator
Opes Prime scheme of arrangement
Lessons to be learned
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| Chapter 5 - Issues raised during the inquiry |
(PDF 314KB) |
A sales or advice industry?
Poor advice or faulty product?
Regulatory issues
Enforcement issues
Financial literacy
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| Chapter 6 - Suggestions for regulatory reform |
(PDF 379KB) |
Standards of advice
Disclosure
Remuneration
Licensing
Lending practices
Product limitation
Investor compensation
Financial literacy
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| Chapter 7 - Conclusion: Recommendations for reform |
(PDF 126KB) |
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| Appendix 1 - Submissions received by the committee |
(PDF 94KB) |
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| Appendix 2 - Witnesses who gave evidence at public hearings |
(PDF 160KB) |
CANBERRA, 24 JUNE 2009
MELBOURNE, 26 AUGUST 2009
CANBERRA, 28 AUGUST 2009
CAIRNS, 1 SEPTEMBER 2009
TOWNSVILLE, 2 SEPTEMBER 2009
BRISBANE, 3 SEPTEMBER 2009
SYDNEY, 4 SEPTEMBER 2009
CANBERRA, 16 SEPTEMBER 2009
CANBERRA, 28 OCTOBER 2009
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| Appendix 3 - Answers to questions taken on notice |
(PDF 472KB) |
ASIC (Canberra hearing, 24 June 2009)
Financial Ombudsman Service (FOS) (Melbourne hearing, 26 August 2009)
CPA (Melbourne hearing, 26 August 2009)
Treasury (Canberra hearing, 28 August 2009)
FPA (Canberra hearing, 28 August 2009)
Gus Dalle Cort (Cairns hearing, 1 September 2009)
Commonwealth Bank of Australia (Sydney hearing, 4 September 2009)
Professional Investment Services (Sydney hearing, 4 September 2009)
ASIC (Canberra hearing, 16 September 2009)
Bank of Queensland (Canberra hearing, 16 September 2009)
Macquarie Bank (Canberra hearing, 28 October 2009)
Commonwealth Bank of Australia (Canberra hearing, 28 October 2009)
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| Appendix 4 - List of tabled material and key additional information provided to the inquiry |
(PDF 97KB) |
Canberra, 24 June 2009
Melbourne, 26 August 2009
Canberra, 16 September 2009
Key additional information |
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| Appendix 5 - Report on a matter of parliamentary privilege |
(PDF 95KB)
(PDF 2238KB) |
For further information, contact:
Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
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