Steven Ciobo (Moncrieff, Liberal Party) Share this | Hansard source

The rationale of the government's approach to this bill is that it is going to protect Australians from making imprudent financial decisions or being led astray by financial planners. My point is that Australians have needed protection from this government more than from just about anything, so it goes very directly to the rationale, because there have been many Australians who have lost their life savings who have been involved in, for example, roof insulation businesses that have been destroyed by this government. So that absolutely goes to the rationale of this bill.

The reality is that good governance is about getting the balance right. These amendments and the legislation before the House do not get the balance right; they take it too far. Fewer Australians will, in fact, solicit the expert financial advice that they need, and the reality is that a great gulf has widened between those involved in financial planning and those involved in other industries where people often put their life savings, such as real estate.

See this speech in context