On 29 November 2016, the Senate referred the following to the Economics References Committee for inquiry and report by the last sitting day of the autumn sittings of 2018:

The regulatory framework for the protection of consumers, including small businesses, in the banking, insurance and financial services sector (including Managed Investment Schemes), with particular reference to:

1. any failures that are evident in the:
   1.  current laws and regulatory framework, and
   2.  enforcement of the current laws and regulatory framework, including those arising from resourcing and administration;
2. the impact of misconduct in the sector on victims and on consumers;
3. the impact on consumer outcomes of:
   1. executive and non-executive remuneration,
   2. incentive-based commission structures, and
   3. fee-for-no-service or recurring fee structures;
4. the culture and chain of responsibility in relation to misconduct within entities within the sector;
5. the availability and adequacy of:
   1. redress and compensation to victims of misconduct, including options for a retrospective compensation scheme of last resort, and
   2. legal advice and representation for consumers and victims of misconduct, including their standing in the conduct of bankruptcy and insolvency processes;
6. the social impacts of consumer protection failures in the sector, including through increased reliance of victims on community and government services;
7. options to support the prioritisation of consumer protection and associated practices within the sector; and
8. any related matters.

Committee Secretariat contact:

Additional Committee Support
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3585
Fax: +61 2 6277 5794
committee.sen@aph.gov.au