Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

I have been lucky enough to have participated in two inquiries through the Economics Reference Committee in relation to ASIC, the Australian Securities and Investments Commission, and also in relation to the FoFA laws. It has become very clear to me that a large number of financial problems are out there in the community and they need to be addressed, effectively, through the Senate system. One of the big problems is, of course, managed investment schemes. Thousands of Australians have lost their life savings to these schemes. This has occurred not just from potentially dodgy financial planners or financial advisers; these schemes are fundamentally flawed. The government has played a significant role over the years in managed investment schemes, and it is high time that we had a close look at them and also at whether and, if so, how the government can play a role in compensating for, or remediating, the damage that these schemes have caused to communities and to individuals.

Question agreed to.