Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

I thank the young senator from New South Wales for his policy question because debate on Future of Financial Advice is exactly something this chamber should be all about. Let me say I reject the assertions made by Mr Kohler today. I do not believe that we are winding back the consumer protection provisions. I do not believe, by clarifying the best interest duty, we are in any way derogating the obligation of financial advisers to act in the best interests of their customers, their clients, because it is enshrined in common law. It is enshrined in the Corporations Act as well as in the Future of Financial Advice reforms. No less an authority than the former Chief Justice of the High Court, Sir Anthony Mason, made that point at the recent national conference of the self-managed professionals association on the Gold Coast.