The Greens spokesperson for Finance, Senator Peter Whish-Wilson, said, “If the Turnbull Government refuses to act on establishing a Royal Commission into the misconduct in the financial services sector, then I want Parliamentarians to know there is another powerful option for us to pursue.

Greens spokesperson for Consumer Affairs, Competition Policy and Small Business, Senator Peter Whish-Wilson provides the following comments on release of the Murray Financial System Inquiry final recommendations today.

Senator Whish-Wilson said, “The vast number of recommendations contained within the Murray Inquiry to provide better protections to consumers, justifies the strong stance the Greens have taken on the Future of Financial Advice laws (FoFA).

Today in the Senate, the Greens Senator for Consumer Affairs, Competition Policy and Small Business, Senator Peter Whish-Wilson will introduce the Corporations Amendment (Financial Advice) Bill 2014 to provide improved definitions for consumers seeking financial advice.

The Australian Greens say Tony Abbott is trying to burn up important protections in his so-called regulation bonfire.

"When Tony Abbott has a bonfire of regulations he hides his true agenda in the smoke," Greens Leader Christine Milne said.

"The Prime Minister's rhetoric on this repeal day is all about storytelling and hiding help for his mates. Many of these changes are routine review of redundant regulations, but there are some very bitter pills.

The government should not delay much-needed financial services reforms for consumers and providers of financial advice, Australian Greens Leader Bob Brown said today.

"People setting aside hard-earned money for their retirement or other purposes have every right to know how much money financial planners are making in fees. It is also vital for people seeking financial advice that the potential for conflicts of interest is reduced," Senator Brown said in Canberra.