In April 2010 Bowen announced significant reforms to the financial services sector including banning of commissions for financial planners giving advice on retail investment products including superannuation, managed investments and margin loans; instituting a statutory fiduciary duty so that financial advisers must act in the best interests of their clients, and increasing the powers of the corporate regulator; the Australian Securities and Investments Commission. The reforms were partially a response to the high-profile collapse of Storm Financial, Westpoint and Opes Prime and the resultant losses for retail investors, but also reflected global concerns with financial governance following the Global Financial crisis of 2007–2010. The reforms are due to be fully implemented on 1 July 2013.