Implications of financial advice reforms, with particular reference to:

1. the current level of consumer protections;
2. the role of, and oversight by, regulatory agencies in preventing the provision of unethical and misleading financial advice;
3. whether existing mechanisms are appropriate in any compensation process relating to unethical or misleading financial advice and instances where these mechanisms may have failed;
4. mechanisms, including a centralised register, that would ensure financial planners found to have breached any law or professional standards in their employment are transparent, for both the sector and consumers;
5. how financial services providers and companies have responded to misconduct in the industry;
6. other regulatory or legislative reforms that would prevent misconduct; and
7. any related matters.

On 2 March 2016, the Senate referred the following additional matters to the Economics References Committee as part of its inquiry into the implications of financial advice reforms:

1. the need for further reform and improved oversight of the life insurance industry;
2. whether entities are engaging in unethical practices to avoid meeting claims;
3. whether a life insurance industry code of conduct is required;
4. the role of the Australian Securities and Investments Commission in reform and oversight of the industry; and
5. any related matters.