Assistant Treasurer Josh Frydenberg will lead a roundtable to further explore suggestions for lifting financial adviser standards.

The move is a follow-up to recommendations from the recent Parliamentary Joint Committee on Corporations and Financial Services review, which found regulations on adviser standards to be inadequate.

The committee has proposed a co-regulatory model involving the Government, professional bodies, industry and academia. Under this model advisers must be registered to advise on Tier 1 financial products such as shares, life insurance and super.

Mr Frydenberg says the Federal Government wants to develop “an enduring framework” that will raise advisers’ professional, ethical and education standards.

“I’ve been meeting with key stakeholders and will shortly be holding a roundtable to further progress these recommendations,” he said in a speech last week to the Financial Services Council in Sydney.

Lifting adviser standards is critical to restoring confidence in the sector, which has been rocked by the collapse of several big-name products and investment schemes.

“We need to make sure consumers receive high-quality outcomes,” Mr Frydenberg said. “If we get this model right, improvements in the qualifications, competence and ethics of the financial advice industry will benefit everyone.”