Although the Australian financial system as a whole proved resilient to the Global Financial Crisis, significant stresses within it became apparent, most notably within the financial planning advice sector. A parliamentary inquiry recommended specific changes to the legislative framework in an attempt to rebuild confidence, including the Ripoll Report which called for the establishment of an independent Professional Standards Board. This Report, prepared by Justin O'Brien of the University of New South Wales and commissioned by the Financial Planning Association, evaluates the recommendations put forward by the Ripoll Report.  It assesses whether the proposed changes are likely, on their own, to rebuild public confidence. The report finds that the proposals lack sufficient granularity to form a credible bais for sustainable reform. It places debate in a global context.