Local residents will be better off after the Coalition’s changes to financial advice laws were struck down in the Senate this week.
The Senate rejected the Government’s attempt to water down consumer protections introduced by Labor known as the Future of Financial Advice (FoFA) reforms.
Federal Labor Member for Watson Tony Burke said stopping the changes was a huge blow to the Government and a win for consumers.
“This is a victory for everyone in our local area and the thousands of victims of dodgy financial advice,” Mr Burke said.
“This is a major embarrassment for the Abbott Government who are determined to weaken consumer protections.”
The Government’s changes would have seen essential consumer protections undermined by watering down the Best Interests Duty, removing the Opt-In Requirement and allowing for the return of previously banned forms of conflicted remuneration.
“Tony Abbott has consistently ignored serious community concerns and remains determined to water down these critical protections.”
“After this embarrassing failure it’s time the Government give up on its efforts to unwind the Future of Financial Advice reforms.”
Labor’s FoFA reforms ensure a strong, fair and efficient financial advice sector with strong safeguards in place.