Abbott government's Future of Financial Advice changes to be wound back in Senate after last-minute deal Labor has secured the numbers in the senate to move a disallowance motion on the Coalition's controversial future of financial advice reforms. Overnight, Senator Dastyari secured the votes of Senators Jacqui Lambie, John Madigan, Ricky Muir, Nick Xenophon and all Greens Senators. It gives Labor the numbers to undo the recent deal done between Clive Palmer and the Finance Minister, Senator Mathias Cormann. The disallowance motion will remove all of the regulations put in place since June that allowed the watering down of the former Labor government's Future of Financial Advice laws. "It's a Coalition of common sense," Senator Dastyari said on Wednesday morning. We've put together a group of senators who've said 'enough's enough, there have been too many victims of financial crime and the last thing we should be doing is watering down protections for consumers'. These regulations by Mathias Cormann were returning us to the bad old days of financial planning where a handful of crooks, criminals and conmen dominated the industry. Senator Dastyari said Labor plans to upend the agenda in the Senate on Wednesday and move a motion to give the issue priority so that it has to be debated and voted without delay. Senator Cormann called on Senator Lambie and Senator Muir to honour the agreement they had made with the government in July to support its changes. "We have amended our FOFA legislation to give effect to all of the requested changes that PUP and AMEP asked for," Senator Cormann said. Specifically, Senator Muir asked us to set up a register of financial advisers and we are in the process of establishing that register. We have delivered on our side of the bargain and we call on Senator Lambie and Senator Muir to do the same. Senator Cormann said any vote to disallow the government's changes would be bad for small business financial advisers and their clients. "Our FOFA reforms keep all the consumer protections that actually matter to consumers such as the requirement for financial advisers to act in the best interest of their clients and the ban on conflicted remuneration for financial advisers," he said. What they also do is cut unnecessary and costly red tape which just pushes up the cost of advice for Australians saving for their retirement. Senator Dastyari said the motion would once again outlaw conflicted remuneration, such as the payment of incentives by banks to planners which are not declared to consumers. The only people that support the government on this are the four big banks and AMP. That should tell you something," he said.