Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Hansard source

If the honourable member wants to quote people, let me quote a few people. John Brogden, CEO of the Financial Services Council, said:

These changes do not change the substance or the intent of FoFA. The fundamental reforms and increased professionalism of financial advisers remain. However, these small changes ensure FoFA works as it was intended—to improve the quality and quantity of financial advice.

This is the industry organisation, the Financial Services Council, being supportive of these sorts of initiatives. Stephen Munchenberg of the Australian Bankers' Association said these amendments are 'sensible' and claimed opponents had been circulating disinformation about their impact.

I think the shadow Treasurer should be honest with the Australian people. We have no plans to water down the quality of financial advice. We intend to get rid of some of the red tape so that it operates more efficiently and more smoothly, but the reality is that under this government there will be reputable financial advice available to those who need it and hopefully in a more accessible form.

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