Mathias Cormann accuses Bernie Ripoll of contradictions

senator mathias cormann government and regulation parliamentary joint committee federal opposition chairman government

3 April 2012
| By Staff |
image
image
expand image

The Federal Opposition claims the Government is asking it to vote on financial services legislation some of its own most senior members have previously not seen fit to support.

The Opposition spokesman on Financial Services, Senator Mathias Cormann, said the former chairman of the Parliamentary Joint Committee (PJC) on financial services, Bernie Ripoll, had used his new position as Parliamentary Secretary to call on the coalition to support the passage of the Consumer Credit and Corporations Legislation Amendment (Enhancement) Bill 2011.

However, he said Ripoll as chairman of the PJC had said the bill should not be supported in its present form, particularly with respect to payday lending.

Cormann said the contradictory positions adopted by Ripoll were indicative of Government confusion and paralysis.

He said all the Government needed to do was remove those schedules of the bill dealing with pay day lending - consistent with the recommendations of the PJC - and the Coalition would support the legislation's passage.

"Despite being handled by a succession of assistant treasurers in the past, these important changes have now been delegated to a Parliamentary Secretary who seems to not know what delays have occurred before him, but has also forgotten his own views and recommendations on the changes," Cormann said. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

10 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 15 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 13 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 16 hours ago