Shorten predicts few changes to Labor's reforms
The Minister for Financial Services, Bill Shorten, has predicted that few of the financial services reforms implemented by the Gillard Government will be amended or repealed.
Addressing the Financial Services Council conference on the Gold Coast, Shorten said he believed there would be very little change if the Government lost office.
He said he believed this would be proved out if the legislative and regulatory settings were reviewed in five years' time.
Shorten's comments appear to run counter to undertakings by the Opposition spokesman on financial services, Senator Mathias Cormann, that a Coalition government would repeal a number of aspects of the Future of Financial Advice legislation, including opt-in.
Shorten predicted, however, that a number of things would change, including a settling of the feud between industry funds and retail super funds such that financial planners would recommend industry funds to their clients.
He said the Government had succeeded in implementing important reforms that would stand the test of time.
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