Senate debates

Thursday, 20 March 2014

Questions without Notice

Financial Services

2:19 pm

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

Our commitment in relation to financial services is to ensure that we get the balance right between appropriate levels of consumer protection and making sure that access to high-quality financial advice remains available and affordable. We said in opposition that Labor went too far and imposed too much costly red tape, pushing up the cost of doing business and pushing up the cost of advice for consumers, which led to increased concentration and lessening of competition in the financial services sector. These are all things that are not in the public interest. We are restoring some balance in the regulatory arrangements for the financial services— (Time expired)


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