Labor ‘insultingly stupid’ on FOFA: Hockey
Claims that the Government should tighten its legislation regulating the financial advice industry have been dismissed as "insultingly stupid", by the Federal Treasurer, Joe Hockey.
Responding to a question from Shadow Treasurer, Chris Bowen, asking "why is the Government so determined to rely on self-regulation when the savings of millions of Australians are at risk", Hockey noted that the Future of Financial Advice (FOFA) legislation was established, and enacted by the Labor Party.
"Labor set up the system," he said. "The system was established under the FOFA laws set up by the man who asked the question.
"Not one, not twice, not three times, but on five separate occasions he came into this Parliament and tabled the new information memorandum to the legislation.
"He was in here amending his own amendments in relation to financial advice. He did not understand his own laws when he was the minister.
"The leader of the opposition is critical of his own laws now that he is in opposition… really you cannot be that stupid. It is a benchmark for the Labor Party to be this insultingly stupid."
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