Changes to financial advice guidelines on ice

FINANCE Minister Mathias Cormann has put planned changes to financial advice regulations on ice, as the Abbott government faces a rising tide of opposition to its reforms.

The reforms would have removed Labor government changes to the financial advice laws, due to come into effect in July, which aimed to ensure advisers told clients about their conflicts of interest.

Senator Cormann took control of the Future of Financial Advice reforms after Senator Arthur Sinodinos stepped aside from his ministerial role last week.

But he told Guardian Australia on Monday he was "not going to jump the gun" on the reforms, saying he was "pressing pause" on the changes until he could talk to more people.

His comments followed a host of criticism for the government's proposed changes, including from Financial Planning Association, seniors groups and consumer group Choice.

The original policy, which was one of the Coalition's election commitments, was introduced as legislation during last week's "bonfire of regulations" in the House.

Sen Cormann's comments mean the actual changes may be delayed until the new Senate sits in July, as the current Senate is unlikely to let the reforms pass.

Topics:  financial planning

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