Facing criticism over the Madoff scandal, officials are looking for ways to increase broker/dealer and investment advisor oversight.

At a Senate Banking Committee hearing this week, a Securities and Exchange Commission official said the agency is reevaluating the frequency of investment advisor examinations, according to Reuters, which reports explosive growth in the investment advice industry has forced the SEC to examine only about 10 percent of registered advisors every three years.

“Lori Richards, the SEC’s director of compliance, inspections and examinations, said the agency is determining whether advisors should disclose more risk-related information, such as the identity of auditors and performance returns,” writes Karey Wutkowski and Rachelle Younglai for Reuters. “The SEC’s director of enforcement, Linda Chatman Thomsen, said requiring third-party custody of customer assets should be considered along with more streamlined rules for broker-dealers and investment advisors.”

Stephen Luparello, interim chief executive for FINRA, which also faced scrutiny at the hearing, testified there was a need for more information sharing and oversight of broker/dealers who are also registered as investment advisors.