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

Senator Lines, it repays close reading. In relation to general advice, the point we have made all along is that there are circumstances where there was overreach by the legislation in terms of prohibiting the use of what is called conflicted remuneration for general advice. It was an unintended consequence because it would sweep up too many employees who otherwise were only just doing their day job of providing low-cost and factual advice on particular products or financial services.

As I have indicated, the industry is moving to a fee-for-service basis. This was, indeed, an initiative largely sponsored by the industry itself. We support that and this legislation will reinforce all of that. Thank you.

Government senators interjecting—