Financial Services Legislation Amendment Bill – Second Reading – Video 12

Financial Services Legislation Amendment Bill – Second Reading – Video 12

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to the house cutting our hope here dr. Duncan we’ve cured a madam Speaker I really just want to talk about one thing tonight and it’s what I think is probably the most important part of this bill and there is the 1643 won-jae which really talks about conflicts of interest because whilst sometimes the wrongs that are wrought upon investors are easy to see when something fails because it has been poorly represented a conflicts of interest can be somewhat more insidious because many times a investor won’t know that the advice that they are receiving is being influenced by other things whether it be by the soft commissions of a trip to Sydney or Fiji or whether it be by more concrete measures the 5% they get for tuning investments from one provider to another so can I commend the Committee on the fine work it’s done in strengthening their in that provision not only not only the conflict of interest rules itself but in the identification of associated persons and really all I want to say is I hope that as this comes to find its way through to codes of conduct and so on impossibly through the courts that this is recognized as a key provision one which which should be expensively interpreted for the protection of investors and for that reason I commend this bill to the house let him speak then I call the Honourable Jackie Dean thank you madam Speaker this is the Biba was taking his brief cool

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