The financial services industry’s practices and culture “fall well short” of public expectations, according to the Senate Economics References Committee’s Scrutiny of Financial Advice (SOFA) inquiry.

Its final report draws on nine public hearings and more than 250 submissions received, including about 100 related to the life insurance sector.

The committee anticipates several issues raised during the inquiry will be examined further under a consumer protection inquiry.

“The SOFA inquiry demonstrated that the practices and culture within the Australian financial services industry fall well short of the public’s expectations,” it says.

“Once again, the committee would like to emphasise that it intends to further consider matters raised in this inquiry as it undertakes its work on the consumer protection inquiry.”

Life insurance, which was added to the inquiry in March last year, was subsequently removed and referred to the Parliamentary Joint Committee on Corporations and Financial Services.

That committee’s reporting deadline has been extended from last week to October 31.