Senate debates

Wednesday, 16 July 2014

Questions without Notice

Future of Financial Advice

2:03 pm

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

Our objective was to ensure that we had a robust but efficient regulatory system in place, which was competitively neutral and where consumers or people saving for their retirement, managing their financial risk through life, were able to access high-quality advice they can trust and which is also affordable. The changes that were supported by the Senate yesterday—and I thank the Senate for supporting the government's reforms—will help deliver exactly that. That was a very good outcome. The government does not have the numbers in the Senate. Surprise, surprise. We understand this.

An opposition senator: You've done your deal!

Comments

William Boeder
Posted on 19 Jul 2014 10:13 am

I find it rather intolerable that most all of today's Liberal party Senators are acting against the interests of people particularly when it comes down to their hard earned retirement funds.
Now here in the Senate persons like Senator Cormann are aiding the Financial and Banking institutions to ignore the best interests of their customers and to do as they will or want to the savings of the retired and elderly.
Through Australia's poorly supervised government regulatory stance, not only is this Senator looking after the CBA Bank and their borderline practices that saw ASIC and the CBA Bank caught up in a what appeared to be a form of collusion, thus resulting in deep and wide Senate Inquiry into this Banker Regulator discordance,[whivh included having ASIC personnel engaged on the sly, to aid this CBA Bank to freshen up and at times alter the shortcomings of customer files that were known to be deficient and in many cases were consisting of fraudulent entries and to the faulty advice given to their trusting customers.]
Furthermore this Senator would be more than happy to decline a Royal Commission into the Banking and Finance entities that are avidly engaging in the rort of misleading advices being offered to their elder customers and their commissions received for so doing.
When this Liberal party as a supposed bona fide political party look to serving Australia's Corporate Banks, in lieu of acting for the people who felt their vote for the Liberal party would not be used against them, then this signals that today onwards this Liberal party are no longer bothered or have any inclination to serve their constituents.
Somewhere in the fine print of the Australian Banking licences being issued to them to practice their now ugly business of exploiting their customer base, then that fine print could well cancel out the validity of such Banking Licences.
Senator Cormann along with his Liberal party colleagues are enforcing the will of Australia's Code of Conduct breaching Banks to hold their ground and stand against the common good of the Australian people.
I term this action and behaviour as grossly dishonest and that this dishonesty should sound a notice of danger to all the people of Australia.