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

I reject the premise of that question. We are not winding back the FoFA reforms. We are keeping the consumer protection requirements that matter. We are keeping the requirements for advisers to act in the best interest of clients. We are keeping the ban on conflicted remuneration. However often the Labor Party continues to repeat an inaccurate assertion, it does not make it true. Is everything perfect out there? No, it is not. Do we have to continue to work hard to lift professional, ethical and educational standards? Do we need to ensure that we weed the bad apples out of this industry? Of course we do, and we are continuing to do this work. But guess what? Tying up small business financial advisers in red tape by doing special deals for vested interests, industry super funds, which are close to the heart of the union movement, is not the way to achieve it. The previous government was guided by the vested interests of its friends in the union movement, not by the public interest.