Advisers face further requirements under the Future of Financial Advice (FOFA) legislation following a parliamentary deal between the Coalition and the Palmer United Party.

The agreement was struck so the Coalition’s FOFA amendments could survive a Senate vote last week.

Palmer United wants advisers compelled to “act in the best interests of their client and prioritise their clients’ interests ahead of their own”.

“Any fees [will] be disclosed and… the adviser will provide a fee-disclosure statement annually if the client enters into, or has entered into, an ongoing fee arrangement after July 1 [last year],” party leader Clive Palmer said.

“A client has the right to return financial products under a 14-day cooling-off period. The client has the right to change his or her instructions to their adviser if, for example, they experience a change in their circumstances.”

Finance Minister Mathias Cormann says the provisions will feature in a regulation to further amend FOFA, which will be lodged within 90 days.

“These regulations will also specify that any instructions to alter or review instructions must be in writing, signed by the client and acknowledged by the adviser,” he told the Senate.

“There will also be a requirement in those regulations that in the statement of advice the financial adviser provides an explicit statement that he or she genuinely believes the advice provided… is in the client’s best interests, given the client’s relevant circumstances.

“There will be a specific requirement enshrined in those regulations that the statement of advice is to be signed by both the adviser and the client.”

Labor and the Greens have vowed to continue their fight against changes to FOFA.

Labor senator Sam Dastyari says the amendments should have been properly debated and should not be influenced by deals with a minority party.

“A proper legislative process should have taken place, where legislation is brought into this place and there is an opportunity for a proper debate, an opportunity for amendments and an opportunity for every single consumer advocate group in this country to have their say.

“That is not what we have had. What we have had is a dirty deal being done at the eleventh hour with a minor party.”