Addressing delegates at the 2012 Association of Financial Advisers National Conference via video Senator Cormann said the Coalition would work with the industry to identify opportunities where red tape could be reduced in the lead up to the next election.
"The coalition is already on the record, spelling out very clearly how we would improve the government's Future of Financial Advice (FOFA) changes if we were elected to government," Senator Cormann said.
"We will get rid of opt-in, we will streamline the annual fee disclosure requirements, we will improve the definition of the best interest duty and we will make sure that scalable advice can safely be provided by advisers across Australia.
"You'd [also] be aware that across the whole of the government, the coalition is working on identifying about $1 billion in annual savings for businesses through cutting red tape."
Senator Cormann said the industry has been on the receiving end of excessive regulatory change from the current government, which resulted in more complexity and costs rather than improvement.
MySuper was also highlighted by senator Cormann as a concern due to its costly implications.
"This government has imposed more than $8 billion in new taxes so far and they have already they have flagged that there are likely to be more tax increases on superannuation in the next budget," senator Cormann said.
"They have imposed significant additional red tape, which if passed, would see billions of dollars in superannuation savings from over a million Australians transferred from their chosen fund into Bill Shorten's legislated MySuper fund without seeking their approval first. We are concerned about the adverse, costly implications of that move and we continue to try to convince the parliament to fix this legislation before it's passed."
Supporting senator Cormann's comments, federal member for Moncrieff Steven Ciobo said the coalition's first priority if elected would be to "fixed Labour's FOFA mess".
He said it had already drafted its legislative changes, which included the 16 amendments to FOFA.
"In terms of this government's record, the coalition believes it has overreached on many changes," Ciobo said.
"FOFA regulations are still not finalised and ASIC guidance and advice on the code of conduct remains outstanding."
