Senator CORMANN (Western Australia—Minister for Finance) (14:22): The answer to that final question is: no. Let me just make a general point. Here in Australia we have a very good financial services industry. Australian financial products and services performed very well by global standards throughout the GFC. Every now and then, there are bad apples in every industry; whenever there is a bad apple, they ought to be prosecuted and they ought to have the book thrown at them. Our expectation as a government is that—and the regulatory requirements that are in place right now and will continue to be in place in the future require that—financial advisers will act in the best interests of their clients. That is a statutory requirement that was introduced into the Corporations Act with bipartisan support. It is a requirement that continues to have our support and will have our support into the future. Obviously government cannot be behind every individual transaction in the private sector everywhere across Australia. We need to ensure that we have the right balance between consumer protection, when it comes to our regulatory arrangements, while making sure that access to high-quality advice is affordable. The PRESIDENT: Senator Cormann, resume your seat. Senator Whish-Wilson is on his feet. Senator Whish-Wilson: Mr President, I rise on a point of order: relevance. I asked whether the Liberal Party took responsibility for the catastrophic failure of MIS schemes. The PRESIDENT: There is no point of order. The minister is addressing the question and the minister still has 46 seconds remaining. Senator CORMANN: Thank you. I could not have been more direct in my answer to that question. I said, 'No', right at the beginning to that part of the question. You clearly did not listen to what I had to say. The senator was clearly just jumping up with his pre-organised point of order, making an assumption about what I was going to say rather than about what I actually said. As far as we are concerned, we on this side of the parliament understand that good financial advisers across Australia fulfil a very important role. They help people with their financial health and wellbeing. They help people manage financial risks and maximise financial opportunities. They are dealing with other people's money so there ought to be an appropriately robust regulatory framework in place, but it has to be one where you have an appropriate balance between high level consumer protection— (Time expired)