Senate debates

Thursday, 20 March 2014

Questions without Notice

Deregulation

2:48 pm

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

I know that the Labor Party do not want to listen to any of this, but it is a very important context for the question that was asked. The premise of the question is wrong. We are not reintroducing conflicted remunerations for personal advice. We are ensuring that there is an appropriate level playing field and a competitively neutral financial services regulatory framework when it comes to the provision of general advice. Guess what? The Labor Party gave a special deal to their friends in union dominated industry funds. They said, 'You can provide fund advice. You can charge a fee which is not disclosed or transparent to every member of that fund, irrespective of whether they access advice or not. You can keep going.' But they did not want anybody else to be able to— (Time expired)

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