Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

We are retaining the essential elements of FOFA. What we are doing is removing some unnecessary red tape and regulatory burden. What we are doing is clarifying the operation of FOFA and more effectively aligning the legislation with what was envisaged in the original parliamentary report.

Opposition senators interjecting—

These clarifications were set out in the dissenting report issued by coalition senators to that PJC report. All of the essential consumer protections will remain. Many of them are enshrined not just in the FOFA legislation but also in the Corporations Law and in the common law.