The nation's corporate watchdog is warning financial advisers that there will be more reforms in sight including lifting professional and ethical standards required of financial advisers, financial literacy in school curriculum and releasing more public information about investigations.

Greg Medcraft, the new Australian Securities and Investments Commission chairman, told delegates at the Financial Ombudsman Services conference yesterday about the ASIC's plans of reforms. The speech covered a wide range of subjects from the financial sector and credit products and services.

The ASIC wants to see advertising that was balanced and will explain the risks associated with the product. Other programs will include a financial literacy push in the school curriculum and a more significant presence in the social media. According to a report on The Australian, Medcraft has listed three aims: confident and informed investors, efficient registrations and licensing and fair and efficient markets.

Another point Medcraft raised was the ASIC's plan to consider releasing to the public information about cases it is investigating.

Medcraft said "I think we need to explain better why we can't disclose details of investigations."

The ASIC will still need to review what they can release to the public. The people involved in the investigations need to have their rights respected as well. This point has been a point of criticism with the ASIC with senior directors having expressed concerns about the commission's lack of transparency in investigations in sharemarket-listed companies.

The new chairman's candor only reflects the difference in Mr. Medcraft's background with those of past chairs. Medcraft is the first former investment banker to head the commission and the only second non-lawyer. He was appointed ASIC commissioner in early 2009.

Perhaps it is a sign of things to come that he warned those financial advisers thinking of getting around the new reforms that the ASIC will fully pursue legal remedies against those seeking to do so.