Bill Shorten (Maribyrnong, Australian Labor Party, Minister for Financial Services and Superannuation) Share this | Hansard source

We did listen to people in the industry. That is why we have tried to provide this alternative to opt-in. In terms of our consultation—and the issue of who had been consulted was raised—in the last year and a bit, we have met with all of the groups on a consistent basis, with individual companies and planners. I have also met with some of the victims of unfortunate financial planning operations. We believe that ASIC is the right organisation to work the code. (Extension of time granted) We believe that ASIC is capable of working through with the industry stakeholders and consumers to develop this code. We have committed to providing the resolution about the code before 1 July 2015. So we do believe that there is plenty of time for ASIC to do the work that is required. We believe that it is the industry who has to be consulted in developing that code. We believe that this will provide an enhancement to the provision of financial advice in this country.

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