The Financial Services Reform Bill casts a very wide shadow – now it’s even catching up with journalists.

Major media organisations are lobbying the Parliamentary Joint Committee on Corporations and Securities, which is considering the legislation, to change the licensing requirements to specifically exclude journalists.

Under the Bill, anyone offering “financial product advice” must be licensed. Finance journalists who assess investment opportunities fall under that description.

It’s understood the provision has been included by ASIC in a bid to control high-profile radio personalities from endorsing particular financial services in on-air “advertorials”.

The committee will hear submissions this week. ALP financial services and regulation spokesman Stephen Conroy has already warned that Labor has some serious concerns about aspects of the FSRB.

Meanwhile, behind-the-scenes lobbying by financial planner groups and insurance agents is intensifying as the groups try to convince the legislators to remove the commission disclosure provisions from the FSRB.