The second round of public hearings of the Financial Services Royal Commission will be held from Monday 16 April to Friday 27 April 2018.

The hearings will consider the conduct of financial services entities that provide financial advice to consumers, including the treatment of consumers, compliance with the law and community standards and expectations, and the sufficiency of the current legal and regulatory structure.

UPDATE: The Commission has published Background Paper 6 (Part A):Some Features of the Australian Financial Planning Industry together with Background Paper 6 (Part B): Education and Training Requirements for Financial Advisers and Background Paper 6 (Part C): Financial Products Available to Retail Investors. It has also published Background Paper 7: Legal Framework for the Provision of Financial Advice and Sale of Financial Products to Australian Households.

Background paper 8 – Key Reforms in the regulation of financial advice is now available on the Royal Commission website.

The Commission intends to deal with financial advice for the purposes of the public hearings by reference to the following case studies:

	Topic	Case Studies
1.	Fees for no service	AMP, AMP Financial Planning Pty Ltd, Charter Financial Planning Ltd and Hillross Financial Services Ltd CBA, Commonwealth Financial Planning Ltd and Count Financial Planning
2.	Investment platform fees	AMP CBA
3.	Inappropriate financial advice	ANZ, RI Advice Group Pty Ltd and Millennium 3 Financial Services Pty Ltd Westpac and BT Financial Group AMP, AMP Financial Planning Pty Ltd, Charter Financial Planning Ltd and Genesys Wealth Advisers Ltd
4.	Improper conduct by financial advisers	NAB ANZ and Millennium 3 Financial Services Pty Ltd
5.	The disciplinary regime for the financial advice profession	ASIC Financial Planning Association of Australia Ltd Association of Financial Advisers Ltd Dover Group