Senate debates

Thursday, 20 March 2014

Questions without Notice

Financial Services

2:18 pm

Photo of Peter Whish-WilsonPeter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

My question is to Senator Cormann, in his capacity as acting or temporary Assistant Treasurer. Reserve Bank Assistant Governor Malcolm Edey recently made the following comment regarding risk management to help avoid another global financial crisis:

For regulators, that means holding financial players to better standards of probity and prudence than prevailed in the past.

This was backed by comments from Charles Littrell, the executive manager of APRA, who said:

If you show me a country where the politicians listen to bankers more than they listen to regulators, I will show you a country which is guaranteed to have a banking crisis.

Is this Liberal-National government still pursuing Senator Sinodinos's unpopular amendments to the future of financial advice legislation, supported only by the big banks in the financial services industry, by removing protection for consumers and subjecting them to more risk in financial investment?


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