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Greens' comments on new standards for financial advisers

The Greens spokesperson for Treasury and Consumer Affairs, Senator Peter Whish-Wilson provides the following comments on the new standards for financial advisers.

Senator Whish-Wilson said, “The Greens have always advocated for a mandatory code of conduct for this industry, including a US-style system for advisor examinations, namely the Series 7 and 63 exams. Evidence suggests voluntary codes just don't cut the mustard.

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Senate supports Greens' amendments about unfair contract provisions for small businesses

Today the Senate supported (34 in favour, 25 against) the Australian Greens amendments to the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Bill 2015. The Bill seeks to introduce protection for unfair terms in standard form contracts for businesses with less than 20 employees.

Greens spokesperson for Small Business, Senator Peter Whish-Wilson said, “The Greens moved amendments to increase the threshold for coverage from $100,000 to $300,000 for contracts up to 12 months long; and $300,000 to $1 million for contracts greater than 12 months.

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Greens will support proper ‘Effect Tests’ to rein in Supermarket Duopoly

Greens spokesperson for Competition Policy, Senator Peter Whish-Wilson, says if the Government is willing to bring on legislation for a real “Effects Test” to rein in the powers of the supermarket duopoly then the Greens are willing to look at it.

Senator Whish-Wilson said, “The Greens had the strongest competition policies of all the parties at the last Federal election including an effects test. (Link here)

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Greens motion for Royal Commission into misconduct in the financial services sector rejected by Senate

Today the Senate voted against the motion lodged by Greens Finance spokesperson, Senator Peter Whish-Wilson, calling on the government to establish a Royal Commission into misconduct within the financial services sector.

Senator Whish-Wilson said, “It has taken one Senate Inquiry into ASIC, many brave whistle-blowers and some dogged investigative reporting by Fairfax newspapers to reveal systemic abuses and misconduct within the financial services sector.

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Small business package puts back what the Government took away

The Greens spokesperson for Small Business, Senator Peter Whish-Wilson, welcomes the Government’s attempts to put back into this budget, what they themselves took away in the last.

Senator Whish-Wilson said, “If you weren’t cynical about politics before this budget, then surely you will be now.

“Last year the Liberals axed $5.4 billion in small business support including company loss carry-back and accelerated vehicle depreciation, and they reduced the instant asset write-off threshold from $6,500 to $1,000.

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Greens call on Government to ditch FoFA wind back in wake of ASIC Inquiry findings

Greens spokesperson for Competition Policy, Consumer Affairs and Small Business calls upon the Government to abandon their Future of Financial Advice(FoFA) law wind-back, in the face of damning criticism of the large financial services companies and the regulator from the ASIC Inquiry report.

Senator Whish-Wilson says, “The ASIC Inquiry showed that sections of the financial services industry, especially the large banks, need to dramatically improve their standards and culture, and that we have a regulator without teeth or resources.

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Government to weaken consumer protections in FoFA via regulation backdoor

Greens Spokesperson for Consumer Affairs, Competition Policy and Small Business, Senator Peter Whish-Wilson responds to the Government’s plans to water down consumer protections in the Future of Financial Advice (FoFA) laws via the backdoor of regulation, instead of subjecting the changes to full Parliamentary scrutiny.

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