Seniors urge senate to kill off financial advice law bill

Senator Mathias Cormann.
Senator Mathias Cormann. Contributed

SENIORS and opponents of the Abbott government's changes to financial advice laws have urged the Senate to ensure the regulations are killed off next week.

Labor on Thursday had a win in the Senate, tabling the regulations before the due date, allowing a debate to occur next week, and potentially a disallowance motion to be put.

If the motion succeeds, the Senate can put an end to the changes, which remove catch-all provisions to ensure financial advisers act in their clients' best interests.

After a heated reaction to the government's changes to Labor's Future of Financial Advice reforms, Finance Minister Mathias Cormann moved them as regulations rather than face direct parliamentary scrutiny of new legislation.

But Nationals Seniors chief executive Michael O'Neill said last month's Senate report on the Commonwealth Bank and corporate regulator "underscores the need for greater transparency and consumer protection".

"These regulations wind back vital consumer protections introduced after corporate collapses left thousands of elderly Australians destitute," he said.

"Seniors are calling on the new senate to treat the regulations with the contempt they deserve and immediately disallow them."

A disallowance motion is expected to be put to the Senate as early as next week, and could pass, with The Greens, Labor and some crossbenchers vocally opposed to the government's reforms.

Topics:  senate seniors

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