Steve Irons MP Federal Member for Swan

Corporations and Financial Services Committee

I was appointed Chair of the Parliamentary Joint Standing Committee on Corporations and Financial Services Committee following the 2016 Federal Election.

The committee is established by the Australian Securities and Investment Commission Act 2001. The duties of the committee are as follows:

  1. to inquire into, and report to both Houses on:
    • activities of ASIC or the Panel, or matters connected with such activities, to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; or
    • the operation of the corporations legislation (other than the excluded provisions); or
    • the operation of any other law of the Commonwealth, or any law of a State or Territory, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); or
    • the operation of any foreign business law, or of any other law of a foreign country, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); and
  2. to examine each annual report that is prepared by a body established by this Act and of which a copy has been laid before a House, and to report to both Houses on matters that appear in, or arise out of, that annual report and to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; and
  3. to inquire into any question in connection with its duties that is referred to it by a House, and to report to that House on that question.

Current Inquiries: 

The operation and effectiveness of the Franchising Code of Conduct

On 22 March 2018, the Senate referred an inquiry into the operation and effectiveness of the Franchising Code of Conduct to the Parliamentary Joint Committee on Corporations and Financial Services for report by 30 September 2018.

Click here for the inquiry into Franchising Code of Conduct’s home page.

Options for greater involvement by private sector life insurers in worker rehabilitation

On 27 March 2018, the House of Representatives referred an inquiry into the options for greater involvement by private sector life insurers in worker rehabilitation to the Parliamentary Joint Committee on Corporations and Financial Services for report by 20 September 2018.

Click here for the Inquiry into Options for Greater involvement by Life Insurers in Worker Rehabilitation’s home page. 

 

Completed Inquiries:

Life Insurance Industry

On 27 March 2018, I tabled the report for the Committee’s inquiry into the Life Insurance Industry.

The life insurance industry is a significant part of the financial services sector in Australia. It has a noble purpose in providing financial protection to policyholders in times of need and financial distress. Despite this, there are sections of the industry that can and must do better in delivering the protection they promise whilst remaining financially viable long into the future. The committee has taken a broad view of the life insurance industry covering direct, retail and group life insurance products including life cover, total and permanent disability cover, trauma cover, and income protection. The committee’s inquiry has followed on from, and overlapped with, significant reviews and legislative changes, as well as ownership changes in the industry.

You can watch the tabling of this report here:

 

This report can be found here: Life Insurance Report

Whistleblower protections in the corporate, public and not-for-profit sectors

On 13 September 2017, I tabled the report on Whistleblower Protections.

Effective whistleblowing provides an essential service in fostering integrity and accountability while deterring and exposing misconduct, fraud and corruption. A recent analysis of whistleblower protections across G20 countries found Australia’s laws to be comprehensive for the public sector, but lacking in the private sector. However, the Moss Review of the Public Interest Disclosure Act 2013 (PID Act) identified many flaws and areas for reform of the PID Act. Evidence to the inquiry, as well as consideration of existing laws, indicates that whistleblower protections remain largely theoretical with little practical effect in either the public or private sectors. This is due, in large part, to the near impossibility under current laws of:

  • protecting whistleblowers from reprisals (i.e. from retaliatory action);
  • holding those responsible for reprisals to account;
  • effectively investigating alleged reprisals; and
  • whistleblowers being able to seek redress for reprisals.

You can read the report in full here: Whistleblower Protections Report 

Contact Steve

Send Steve an Email

08 9355 0099 (Office)

08 9355 0199 (Fax)