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Timbercorp and the MIS Senate Inquiry: this is just the beginning

The Greens spokesperson for Consumer Affairs, Competition Policy and Small Business, Senator Peter Whish-Wilson provides the following comments about today’s explosive hearing into Managed Investment Schemes (MIS) held at Melbourne Town Hall.

Senator Whish-Wilson said, “Never before have I seen so many people turn up and watch a Senate Inquiry public hearing. Today alone justifies the efforts by the Greens to instigate this inquiry.

“I want to thank all the victims of the Timbercorp collapse who braved the Inquiry to give their heart-wrenching evidence.

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The Liberal-Palmer Coalition delivers for the top end of town at the expense of small business

Greens spokesperson for Small Business, Senator Peter Whish-Wilson, says that the mining tax repeal delivers a massive blow to the small business sector.

Senator Whish-Wilson said, “This massive win for the mining companies comes at the expense of not just worker’s superannuation, but is also a body-blow to small business.

“The mining tax repeal has made the two million small businesses in Australia losers, just to benefit a handful of mining giants.

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Why is the government bringing on their FOFA legislation before the Financial System Inquiry reports?

Greens spokesperson for Consumer Affairs, Competition Policy and Small Business, Senator Peter Whish-Wilson provides the following comments on the Government reintroducing their Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 into the House of Representatives today.

Senator Whish-Wilson said, “Today the Government has brought on FoFA legislation that is aimed at locking into law the dodgy deal that they have done with Clive Palmer to back the big banks over consumers.

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Coles Supermarkets bullying of suppliers shows the need for a Mandatory Supermarket Code of Conduct

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.

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Government delivers for banking mates with FoFA wind back

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 30th of June to release these wide-ranging and complex regulations about financial advice that come into effect tomorrow.

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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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Australian Greens respond to ASIC Inquiry Report

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.

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