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

I am going to be fairly brief because we heard some very powerful words there from Senator Xenophon and from Senator Madigan before him. It is important not to forget why we have come to the situation we are in here today. I want to dispel a couple of the falsehoods that have been put as part of this debate. Firstly, I was disappointed that during the course of this debate some speakers claimed a number of provisions in the original FoFA laws did not apply to some sections of the industry, specifically the opt-in provisions. This is wrong and those members opposite who have said so know better. The opt-in provisions apply for all new clients who seek personal financial advice when ongoing fee arrangements are put in place—no exception.