The Australian Greens Spokesperson for Competition Policy, Small Business and Consumer Affairs, Senator Peter Whish-Wilson provides the following statement about Macquarie Equities Limited (MEL) writing to its clients about potential redress for flawed financial advice provided by Macquarie Private Wealth (MPW).

Greens spokesperson on Consumer Affairs, Competition Policy and Small Business, Senator Peter Whish-Wilson provides the following comments on today’s developments in the ongoing case between Coles Supermarkets and the Australian Competition and Consumer Commission (ACCC).

Senator Whish-Wilson said, “The bullying of producers and suppliers by the supermarket duopoly has to stop. It is unbelievable to think that even when Coles admits multiple examples of wrongdoing they still try and deny their role in a wider problem.

Greens spokesperson for Consumer Affairs, Competition Policy and Small Business responds to the Government’s cynical attempt to water down the Future of Financial Advice (FoFA) laws via regulation.

Senator Whish-Wilson said, “The Government waited until 2:30PM on the 30^th of June to release these wide-ranging and complex regulations about financial advice that come into effect tomorrow.

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.

Greens spokesperson for Competition Policy, Consumer Affairs and Small Business congratulates the Senate Economic References Committee for their landmark report into the Performance of the Australian Securities and Investment Commission (ASIC).

Senator Whish-Wilson said, “Senators from across the political spectrum have issued a unified call saying the corporate watchdog, ASIC, needs to be given more teeth to keep watch on white-collar crime and professional misconduct.

Greens Senator for Small Business, Competition Policy and Consumer Affairs, Senator Peter Whish-Wilson is pleased to provide the following comments following the Greens’ successful bid to secure a Senate Inquiry into forestry Managed Investment Schemes.

 Senator Whish-Wilson said, “Today the Senate agreed to a Greens motion and voted to conduct an Inquiry into forestry Managed Investment Schemes (MIS).

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.

The Greens spokesperson for Small Business, Competition Policy and Consumer Affairs, Senator Peter Whish-Wilson today asked the government in Senate Question Time whether they had considered the plight of the hundreds of victims of the Timbercorp collapse when drafting their FoFA reforms.

ANZ and liquidators are today calling in the debts of mum and dad investors who were sold dodgy Managed Investment Scheme products from Timbercorp. These investments were risky and complex and were pushed by some financial planners seeking commissions.

The United States has taken further lead on climate, science and conservation with President Barack Obama using his executive powers to declare additional marine protected areas and increasing research funds for monitoring ocean acidification as part of push to deal with the impacts of pollution, climate change, and overfishing in our oceans.

Greens spokesperson for Consumer Affairs and Small Business, Senator Whish-Wilson, says the Liberal Senators Inquiry report on the Future of Financial Advice (FoFA) Bill have sided with the big banks over consumers and seniors.

Senator Whish-Wilson said, “From the very beginning the Liberal Government has been looking to deliver for its donors in the banking sector by unwinding consumer protections in the field of financial advice.