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

They negotiated a carve-out for themselves from the exact same requirement. Small business financial advisers have to comply with a bit of red tape that was imposed on small business financial advisers at the behest of industry super, and industry super gets themselves a carve-out from that exact same requirement so that they do not have to comply with it. They are providing advice, general and personal advice; they are charging for that advice without disclosing how much they are charging; they are not allowing people to opt out of that advice and they are not required to impose opt-in. What we are saying is cut the red tape that is unnecessary, keep the consumer protections that matter, keep the requirement to act in the best interests of the client, keep the ban on conflicted remuneration— (Time expired)