Senator SINODINOS (New South Wales—Assistant Treasurer) (14:54): I thank the young senator from New South Wales for his policy question because debate on Future of Financial Advice is exactly something this chamber should be all about. Let me say I reject the assertions made by Mr Kohler today. I do not believe that we are winding back the consumer protection provisions. I do not believe, by clarifying the best interest duty, we are in any way derogating the obligation of financial advisers to act in the best interests of their customers, their clients, because it is enshrined in common law. It is enshrined in the Corporations Act as well as in the Future of Financial Advice reforms. No less an authority than the former Chief Justice of the High Court, Sir Anthony Mason, made that point at the recent national conference of the self-managed professionals association on the Gold Coast. Senator Lines: It's enshrined in your DNA to give back to the big end of town! Senator SINODINOS: Senator Lines, it repays close reading. In relation to general advice, the point we have made all along is that there are circumstances where there was overreach by the legislation in terms of prohibiting the use of what is called conflicted remuneration for general advice. It was an unintended consequence because it would sweep up too many employees who otherwise were only just doing their day job of providing low-cost and factual advice on particular products or financial services. As I have indicated, the industry is moving to a fee-for-service basis. This was, indeed, an initiative largely sponsored by the industry itself. We support that and this legislation will reinforce all of that. Thank you. Government senators interjecting— The PRESIDENT: Order! Silence on my right! If you wish to debate this— Senator Lines: And just as— The PRESIDENT: Order, Senator Lines!