Federal Coalition plans to scrap the controversial opt-in requirement if it wins next year’s election could be delayed by the outcomes of repealing the carbon and mining taxes.

Shadow Minister for Financial Services Mathias Cormann told insuranceNEWS.com.au the opt-in requirements will be scrapped if the Opposition is elected next year.

“Opt-in will go – no ifs or buts,” he said.

“We will introduce legislation to remove opt-in, but our agenda is also to remove the carbon and mining taxes as well; and they may be blocked by the Senate.”

Senator Cormann says the federal election next year will see the House of Representatives and half of the Senate going to the polls.

Depending on the results, the Coalition could face problems pushing legislation through the Senate.

“If Labor and the Greens block the repeal of the carbon tax, then we will go to a double dissolution,” he said.

“But we hope the Senate will see the wisdom of our arguments for removing opt-in.”

Senator Cormann admits the carbon tax will dominate debate in the early part of a Coalition legislative agenda, but he says the shadow cabinet has approved the removal of opt-in legislation.

“The removal of opt-in is now enshrined in our policy,” he said.

“We see the Future of Financial Advice reforms as creating a lot of unnecessary paperwork and red tape for small to medium planning practices.”

Advisers subscribing to a code of conduct are able to avoid the opt-in rules, but Senator Cormann would not be drawn on removing this requirement.

“We support the industry having codes of conduct to encourage excellence in professional standards,” he said.

“But I am not a supporter of more red tape for advisers.”