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Financial advice to be scrutinised at parliamentary hearing on Tuesday

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The financial advice sector will come under scrutiny at a House of Representatives Standing Committee on Economics hearing tomorrow as part of an ongoing review of financial institutions.

AMP, IOOF, Australian Finance Group and the Finance Brokers Association of Australia are among organisations scheduled to appear.

Committee Chair Tim Wilson says it is essential Australians can trust financial advisers always act in their client’s best interests.

“Given the widespread misconduct in the financial advice sector identified by the Hayne royal commission, it is important those in the industry are held accountable to ensure they are making the crucial improvements needed to restore trust in the sector,” Mr Wilson said.

Other organisations slated to appear at the full-day hearing are the Association of Financial Advisers, Financial Planning Association of Australia, Mortgage and Finance Association of Australia, Finance Adviser Standards and Ethics Authority, Industry Fund Services and Stockbrokers and Financial Advisers Association.

On June 3 the committee scrutinised the general insurance industry over a surge in code of practice breaches, as well as the sector’s COVID-19 response. That followed two days of hearings in late April.

Tomorrow’s hearing, to be held via videoconference, will run from 9am to 5pm and be broadcast live here.