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

Mr Palmer, as leader of the Palmer United Party, put forward some suggestions on how our improvements could be made even better. And the government considered those suggestions. We recognised that they were sensible suggestions. We decided to adopt those suggestions, and we very transparently put all of the detail on the public record.

As a result of the changes that were supported by the Senate yesterday, access to financial advice for consumers will be more affordable, because we have cut all the unnecessary and costly red tape. We have maintained all of the important consumer protections that matter for consumers. We have got rid of the unnecessary and costly opt-in requirement forcing people to re-sign contracts with their advisers on a regular basis. We got rid of the retrospective additional annual fee disclosure requirement. We provided certainty around the operational—