Senate debates

Thursday, 20 March 2014

Questions without Notice


2:47 pm

Photo of Mark BishopMark Bishop (WA, Australian Labor Party) Share this | Hansard source

My question is to the Acting Assistant Treasurer, Senator Cormann. I refer to the government's proposed changes to the financial advice legislation which removes the ban on sales commissions and other conflicted remunerations. Is the minister aware that Alan Kohler has described this ban as:

… the outlawing of a corrupt practice that has cost consumers billions of dollars and lowered trust in the entire financial advice industry.

Minister, why is the government bringing back a corrupt practice that hurts everyday Australians?


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