Nick Xenophon (SA, Independent) Share this | Hansard source

I just want to pay tribute to the work Senator Williams has done in this area in terms of people who have been ripped off by financial institutions, by banks, and his fearless advocacy for them. I was aware that he was planning to move an amendment. I was not aware of the extent of the amendment until very recently. I strongly support him in terms of the issues he has raised about the failed managed investment schemes and illegalities in the financial planning industry. I have difficulties with respect to the other matters that seem to go much broader than what I thought they would. It is not a criticism of Senator Williams, but in the circumstances I think there are two courses that the chamber could take. Either we could adjourn this until tomorrow, or, alternatively, I could move an amendment to Senator Wong's motion to include reference to failed managed investment schemes and illegalities in the financial planning industry. I will perhaps get your guidance, Mr President, as to whether I can move that this matter be adjourned until tomorrow, and if the chamber's wish is not to do that then I can simply move an amendment to Senator Wong's motion in terms of managed investment schemes.