FOFA cannot ‘prevent financial collapse’: Sinodinos
Assistant Treasurer Arthur Sinodinos has responded to media coverage of the amendments to FOFA, explaining that “no amount of regulation” can avoid financial collapse.
“Let's be clear: no amount of regulation can prevent another financial collapse as you can never regulate away all risk,” the assistant treasurer said.
"Neither our reforms nor the existing FOFA laws can prevent a possible future financial collapse."
The government will be introducing a Bill to amend FOFA, in line with its pre-election commitment, in coming weeks, Mr Sinodinos said.