Members of the Parliamentary Joint Committee (PJC) will meet later this week to formalise a timeline for a number of its reviews, including the federal government's Future of Financial Advice (FOFA) draft reforms.
PJC chair Bernie Ripoll told InvestorDaily the committee would meet this Thursday to discuss the drafts.
"We've literally just begun. It's really now just about determining the timeframe," Ripoll said.
"We've got three inquiries going at the same time. I'm confident that the committee has the capacity and will fully deal with FOFA, but I'm yet to make an announcement of the final timing of all of those matters."
He said a review of FOFA formally began when the Senate referred it to the committee late last month.
"We're just back to Canberra now and so at our first meeting we will be discussing the process and the timing and the final timing for a report," he said.
"The committee is meeting this Thursday."
As well as reviewing the FOFA drafts, the PJC is also handling the inquiry into the collapse of Trio Capital and any other related matters, and the Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011.
As reported by InvestorDaily, the FOFA reforms were handed a potential setback in late October after the Senate called on the PJC to review the FOFA drafts.
At the time, Ripoll was only able to speculate as to the exact reason why such a referral was made.
"I'm not sure why it has been referred to us, but obviously I have my view as to why it has been referred to us. We'll deal with it according to our charter as a committee," he said.
While Ripoll was unwilling to comment on whether rumblings within the coalition prompted the move by the Senate, it would appear to be the main reason.
On 19 October, the government admitted to breaching the Office of Best Practice Regulation in the changes it made to its FOFA reforms after questions from the opposition assistant treasury spokesman Mathias Cormann before a Senate estimates committee.
Parliamentary debate on the first tranche of FOFA is expected to begin later this month.
