The corporate watchdog is targetting the financial advice industry in the year ahead.
The Australian Securities and Investments Commission (ASIC) says it will keep a close eye on the six largest financial advisers, as well as operators of managed investment schemes, for signs of illegal and risky behaviour.
"We remain concerned about the culture of financial services businesses, and the incentive structures they use," ASIC said in an outline of its strategy for the current financial year.
"The welfare of their customers should be at the heart of their business."
The unveiling of fraud and misconduct by planners at Commonwealth Bank between 2006 and 2010 has sparked concerns about the practices of financial advisers, and their level of education.
CBA is now reviewing a decade of activities from 2003, while Macquarie Group has also been ordered by ASIC to review whether its past clients have lost funds due to misconduct.
AMP has also increased its education standards for financial planners.
ASIC has been criticised for failing to properly deal with misconduct in the industry, specifically its slow response to whistleblowers.
The watchdog's strategy outline says it plans to carry out "pro-active risk based" surveillance of financial advisers in the coming months, concentrating on their compliance with rules and regulations.
"We will also continue to undertake reactive surveillance to detect possible wrongdoing," it said.
"Where there are issues, we will take timely and appropriate action without fear or favour."
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