The proposed financial services inquiry will help grow the industry rather than add more regulation, Assistant Treasurer Arthur Sinodinos says.

“We want the financial services sector to become bigger and create more opportunities,” he told the Association of Financial Advisers (AFA) conference at the Gold Coast yesterday.

Senator Sinodinos says review details will be released soon and there will be a moratorium on regulation while the inquiry is under way.

He has confirmed the Government’s intention to remove opt-in from the Future of Financial Advice legislation, but has not revealed when this will happen.

Senator Sinodinos says Canberra wants to remedy conflicted remuneration legislation and will work with the AFA to address concerns about grandfathering.

The Government is establishing ministerial advisory councils, including for the financial services industry.