THE HON BERNIE RIPOLL MP SHADOW MINISTER FOR FINANCIAL SERVICES AND SUPERANNUATION MEMBER FOR OXLEY

MEDIA RELEASE ABBOTT GOVERNMENT MUST NOT WALK AWAY FROM CONSUMER PROTECTION Consumer protection must not be watered down in any proposed amendments by the Abbott Government to the Future of Financial Advice(FoFA) reforms, said Shadow Minister for Financial Services and Superannuation, Bernie Ripoll. Reports in todays Australian Financial Review indicate the Government is preparing to walk away from essential consumer protection provisions, such as the best interest duty. Labor is proud of our track record of placing consumer protection at the core of our reforms to strengthen financial advice in Australia, Mr Ripoll said. We should never forget that FoFA had its genesis in large corporate collapses, like Storm Financial, that destroyed the retirement savings of thousands of Australians. Our reforms have attracted broad support and have been essential in restoring consumer confidence in the financial advice sector. We will examine any changes the Government proposes closely, however, we will not support any measures that weaken consumer protection and the provision of quality advice. MONDAY, 2 DECEMBER 2013