Sam Dastyari (NSW, Australian Labor Party) Share this | Hansard source

I, and also on behalf of Senators Xenophon, Muir, Lambie, Whish-Wilson and Madigan, move:

That the Corporations Amendment (Streamlining Future of Financial Advice) Regulations 2014 be disallowed.

I note that this is not a decision or a disallowance that has been taken lightly. The reasons to disallow these regulations are manifest. There are three particular reasons that I want to draw the Senate's attention to. Firstly, the parliamentary process has not been properly treated here. Secondly, there has been a policy overreach. Finally, there are clear problems within the industry that need to be addressed. I do this noting that there are thousands of victims of financial crime out there who deserve to have proper, strong protections in place. What these regulations have done is weaken a set of laws that were designed to make sure we had the maximum level of protection.

Firstly, I want to note that there has been a whole team of senators that has come together to make today a reality. I acknowledge the incredible work of Senator Xenophon, Senator Muir, Senator Lambie, Senator Whish-Wilson and—