On 25 February 2009 the Parliamentary Joint Committee on Corporations and Financial Services (“PJC”) resolved to inquire into and report by 23 November 2009 on the issues associated with recent financial product and services provider collapses, such as Storm Financial, Opes Prime and other similar collapses, with particular reference to: (i) the role of financial advisers; (ii) the general regulatory environment for these products and services; (iii) the role played by commission arrangements relating to product sales and advice, including the potential for conflicts of interest, the need for appropriate disclosure, and remuneration models for financial advisers; (iv) the role played by marketing and advertising campaigns; (v) the adequacy of licensing arrangements for those who sold the products and services; (vi) the appropriateness of information and advice provided to consumers considering investing in those products and services, and how the interests of consumers can best be served; (vii) consumer education and understanding of these financial products and services; (viii) the adequacy of professional indemnity insurance arrangements for those who sold the products and services, and the impact on consumers; and (ix) the need for any legislative or regulatory change. In this Report, the PJC made 11 recommendations aimed at enhancing both professionalism in the financial advice sector, and consumer confidence and protection. The PJC has reserved the right to revisit the matters it considered during the inquiry, and to make further recommendations, once it has had an opportunity to consider the effect of changes in Australia's financial regulatory regime made since February 2009 (such as the introduction of regulations dealing with margin loans), or which are expected to be made (such as the introduction of a national consumer credit protection regime). The PJC has taken the view that the isolated corporate failures of the past 18 months (such as those of Storm and Opes Prime) do not necessarily indicate regulatory failure. Accordingly, it has not recommended wholesale changes to the existing regulatory regime. It has sought instead to limit the conflicts of interest between financial planners and their clients; to improve investor education and access to sound financial advice; and to increase ASIC's oversight and enforcement capability.