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The Federal Government is pressing ahead with its plan to wind back Labor's financial advice laws aimed at protecting investors.
The Coalition has been under pressure over some of the controversial changes it flagged to the Future of Financial Advice (FoFA) reforms.
Labor introduced the FoFA reforms after a series of high-profile financial collapses rattled investor confidence in the sector.
The Coalition has sought to moderate them and, after a Senate inquiry largely backed the changes earlier this week, Finance Minister Mathias Cormann has told the ABC's AM program the Government will go ahead with most of them.
The Government will proceed with scrapping a legal obligation requiring financial advisers to take "any reasonable steps" in their clients' interests.
Senator Cormann says it is unnecessary as there are other safeguards in place, including six steps prescribed in the Corporations Act.
"That is adequate in order to ensure that financial advisers act in the best interests of their client," he said.
The proposed changes do not have the backing of Labor or super funds.