The Federal Government will introduce its National Consumer Protection enhancement bills in their existing form despite concerns expressed by the finance industry and eleventh hour meetings held last Friday with the Assistant Treasurer and Minister for Financial Services, Bill Shorten.
It appears the minister has succeeded in persuading finance industry representatives that while the bills will be introduced as they currently stand, he will put in place a process to subsequently consider and include amendments.
The finance industry had sought eleventh hour discussions with Shorten, warning that the Government’s legislation aimed at protecting vulnerable consumers would have an array of unintended consequences.
At the same time, the National Financial Services Federation argued that the shape of the legislation had been unduly influenced by consumer groups.
The negotiations with the finance industry representatives come at the same time as the Government continues discussions with the financial services industry around the second tranche of its Future of Financial Advice changes.
As well, Shorten is this week expected to take the next steps with respect to the legislative processes around the Government’s Stronger Super policy regime.
