“Most of those people in industry super funds are not going to go out and buy a financial plan…it is usually the last thing on their mind,” Senator Gallacher said.

“The big deal here is the self-managed super funds where there is over $500 billion. Reasonably high net-worth people will be right in the firing line for unscrupulous and dodgy financial advice,” he added.

“They will be out there to make a quid and there will always be someone out there willing to take advantage of the need to make a decent return on an investment.”

Mr Gallacher during his address to the senate said the proposed FOFA reforms by the government were about assisting the banks “wholesaling financial advice”.

“ASIC have done consistent and prudent work in this area and they have found a consistent level of poor performance, questionable legality and potential and real conflicts of interest,” Mr Gallacher said.

“Why would we accept what is coming from the government front bench? I certainly do not accept it,” he said.

“This is about the banks grabbing back the big end of town, about wholesaling financial advice and about maximising profits.”