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You can find the current article at its original source at http://www.theguardian.com/world/2014/jul/09/bill-shorten-wants-financial-advice-changes-to-be-debated-urgently
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| Bill Shorten wants financial advice changes to be debated urgently | Bill Shorten wants financial advice changes to be debated urgently |
| (about 2 hours later) | |
| Bill Shorten has called on the federal government to immediately table in the Senate its regulations that water down financial advice protections. | Bill Shorten has called on the federal government to immediately table in the Senate its regulations that water down financial advice protections. |
| The opposition leader, at a joint press conference on Wednesday with shadow treasurer Chris Bowen and finance services spokesman Bernie Ripoll, said the regulations needed to be debated urgently. | The opposition leader, at a joint press conference on Wednesday with shadow treasurer Chris Bowen and finance services spokesman Bernie Ripoll, said the regulations needed to be debated urgently. |
| The finance minister, Mathias Cormann, registered regulations at the end of June that wound back changes introduced by the previous Labor government. The regulations must be tabled within six sitting days of registration, which means they must be presented to the Senate by next Tuesday. | The finance minister, Mathias Cormann, registered regulations at the end of June that wound back changes introduced by the previous Labor government. The regulations must be tabled within six sitting days of registration, which means they must be presented to the Senate by next Tuesday. |
| Guardian Australia understands crossbench senators are being lobbied to prevent the regulations being disallowed. | Guardian Australia understands crossbench senators are being lobbied to prevent the regulations being disallowed. |
| In an unusual request, Labor's Sam Dastyari asked the Senate whether he could table the minister’s own regulations on his behalf. | |
| The finance minister, Mathias Cormann, said in response: “I don’t understand how senator Dastyari can suggest to the government that he is hiding something that he is waving around.” | |
| He said the government would follow the correct process for tabling regulations. | |
| The introduction of the regulations follows the release of a Senate report into the Commonwealth Bank’s financial planning scheme that was highly critical of the bank’s practices and recommended the formation of a royal commission. | The introduction of the regulations follows the release of a Senate report into the Commonwealth Bank’s financial planning scheme that was highly critical of the bank’s practices and recommended the formation of a royal commission. |
| Shorten said: “If the finance minister wants to have a debate about financial advice and watering down the laws which he’s proposing, just bring the laws to parliament and have the debate rather than hiding. | Shorten said: “If the finance minister wants to have a debate about financial advice and watering down the laws which he’s proposing, just bring the laws to parliament and have the debate rather than hiding. |
| “There is widespread concern in the community about watering down protections for consumers when they receive financial advice.” | “There is widespread concern in the community about watering down protections for consumers when they receive financial advice.” |
| The previous government’s finance laws were initially introduced as legislation, not regulations such as those that Cormann has registered. | The previous government’s finance laws were initially introduced as legislation, not regulations such as those that Cormann has registered. |
| David Whiteley, the chief executive of Industry Super Australia, said it was unprecedented for a government to introduce such substantial reforms in this way and said they “substantially water down consumer protections”. | David Whiteley, the chief executive of Industry Super Australia, said it was unprecedented for a government to introduce such substantial reforms in this way and said they “substantially water down consumer protections”. |
| “They’re radically diluting consumer protection and doing it in a way that avoids introducing a new bill.” | “They’re radically diluting consumer protection and doing it in a way that avoids introducing a new bill.” |
| Industry Super Australia has been highly critical of the changes put forward by the Coalition. Whiteley said the government had reintroduced “secrecy commissions” through the regulations, which provide a range of loopholes and caveats. | Industry Super Australia has been highly critical of the changes put forward by the Coalition. Whiteley said the government had reintroduced “secrecy commissions” through the regulations, which provide a range of loopholes and caveats. |
| “If the financial sector doesn’t fully understand the loopholes, how can consumers be expected to understand them?” Whiteley said. | “If the financial sector doesn’t fully understand the loopholes, how can consumers be expected to understand them?” Whiteley said. |
| Cormann said in response to Labor’s press conference: “The government is focused on good public policy in relation to financial services regulation and on the best possible approach to resolve legitimate outstanding and unresolved issues for aggrieved CBA customers.” | Cormann said in response to Labor’s press conference: “The government is focused on good public policy in relation to financial services regulation and on the best possible approach to resolve legitimate outstanding and unresolved issues for aggrieved CBA customers.” |
| He said Labor was focused on “opportunistic politics” and the government would “continue to work with all stakeholders to lift professional, ethical and educational standards across the financial services sector”. | He said Labor was focused on “opportunistic politics” and the government would “continue to work with all stakeholders to lift professional, ethical and educational standards across the financial services sector”. |
| Bowen said the government should “get on with tabling that regulation, allow the Senate to do its elected job and give certainty to the sector”. | Bowen said the government should “get on with tabling that regulation, allow the Senate to do its elected job and give certainty to the sector”. |