The Senate Economics References Committee’s inquiry into financial advice has lapsed with the double-dissolution election being called.

The committee had received submissions on the life insurance industry and was due to produce a report by August 31.

It will be up to the committee’s new members to decide whether the inquiry should be reinstated under the same terms.

The same committee’s inquiry into white-collar crime has also lapsed. Submissions addressed penalties for financial advisers. A report was due on July 27.

The final Senate reading of the Life Insurance Framework, setting out commissions and clawback procedures, did not occur before Parliament rose, so has also lapsed.

It will be up to the new Parliament to reintroduce the legislation. Labor has already indicated it may reduce commission rates specified in the framework and extend clawback times.