Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

As Senator Dastyari would know, we supported everything that was good with the Future of Financial Advice laws. We supported the introduction of the best interests duty; we supported the requirement for advisers to act in the best interests of their clients; we supported the ban on conflicted remuneration. We did not support the massive increase in red tape imposed on small-business financial advisers but not imposed on advisers in industry funds. We understand that the Labor government was motivated by the commercial interests of Industry Super and the union movement. We on this side of the parliament understand that not every bit of red tape is good for consumers. Where red tape pushes up the cost of advice, it makes access to advice less affordable for many people saving for their retirement, managing their retirement and managing financial risk through life. In those circumstances, red tape is not good for consumers and it should be removed. That is what we are doing.