The panel will be chaired by Australian Securities and Investments Commissioner Greg Medcraft and will include Stockbrokers Association of Australia Policy Executive Doug Clark, National Insurance Brokers Association Professional Development Executive Linda Evans and Association of Financial Advisers Chief Executive Officer Richard Klipin, as well as others.

The panel will provide views on:

• Professional and ethical standards in the financial advice industry, including the possible development of a best practice guide for financial advisers
• The competency requirements that must be satisfied by financial services professionals regulated by the Corporations Act
• The training requirements for people providing financial product advice
• The extent to which material soft-dollar benefits are consistent with any ethical standards imposed on financial advisers
• Proposals regarding how training should be tested or assessed.

Assistant Treasurer the Hon Bill Shorten said “The Panel will play a key role in lifting the level of professional standards and promoting trust and confidence in the financial advice industry. It is made up senior representatives from across the financial services industry as well as consumer, academic and employee representatives.”

The panel is expected to hold its first meeting before the end of 2010.