Todays feeble attempt by the Treasurer to somehow claim credit over revelations of major breaches of Labors Future of Financial Advice (FOFA) laws and subsequent ASIC investigations was truly pathetic.

As Scott Morrison was announcing the Turnbull Governments major backflip of a Banking Royal Commission late last year, he stressed how regrettable it was.

Malcolm Turnbull and Scott Morrison had spent the last two years telling the Australian people there would be no such Royal Commission and that it was completely unnecessary.

The fact is the Turnbull Government had to be dragged kicking and screaming to this major backflip and reversal by Federal Labor and thousands upon thousands of victims of financial scandals.

It would be truly galling today for those victims of these scandals to see Scott Morrison try to take credit for calling a Royal Commission.

Revelations of bank misconduct and misleading of the corporate regulator around the payment of commissions of financial advice are of real concern to Australians.

But just remember if the Liberal Party had got their way we wouldnt be talking about banks and financial advisers breaking thelaw, because the payment of these commissions would have been within the law.

Bill Shorten and I in the previous Labor Government, pioneered Labors Future of Financial Advice legislative package, reforms designed to remove conflicted remuneration from Australias financial advice.

The Conservatives have never believed in or supported Labors Future of Financial Advice which banned commissions for financial advice.

The Abbott Government introduced legislation and regulations designed to dismantle Labors Future of Financial Advice reforms during the last term of parliament.

The Liberal Party also fought the FOFA reforms in opposition, consistently voting against Labors FOFA legislation.

The only way to guarantee that commissions that have driven such misconduct amongst financial planners dont come back is with the election of a Shorten Labor Government.