The fallout from the Commonwealth Bank advice scandal has spawned yet another inquiry into the industry.

The Parliamentary Joint Committee on Corporations and Financial Services will consider “proposals to lift professional, ethical and education standards in the financial services industry”.

The Financial Services Council says there have been 14 inquiries into financial services since 2009, with two – the Financial System Inquiry and the Competition Policy Review – ongoing.

The latest review will also look at the “adequacy of current qualifications required by financial advisers”, competition and the cost of regulation for advisers, including the adoption of professional standards that would “govern the professional and ethical behaviour of financial advisers”.

It will consider recognition of professional bodies by the Australian Securities and Investments Commission.

FSC CEO John Brogden says the inquiry should focus on the future rather than the past.

“We will work with any public inquiry,” he said.

“However, Parliament needs to ensure it reviews whether the opposition’s Future of Financial Advice laws will actually deliver more affordable and accessible quality advice.”

Liberal senator David Fawcett will chair the new inquiry, with Labor senator Deborah O’Neill his deputy.

The committee will also comprise four Liberals, four Labor members, one from Democratic Labor and one Nationals member.

Submissions close on September 5, while no reporting date has been announced.