Opposition Financial Services spokesman Stephen Conroy has laid aside any lingering doubts about the ALP’s support for the financial services reforms.

Speaking at the Phillips Fox financial services conference in Sydney on Thursday, Senator Conroy said the Opposition supports the reforms and welcomes the changes made since the draft legislation was first circulated.

The Senator’s ready support of the Bill is seen as significant, particularly as its progress through Parliament could be impacted by an early call for a Federal election. Robert Tobias, the head of Phillips Fox’s specialist Financial Services Reform Bill team, said Senator Conroy’s confirmation of bipartisan support is a strong prompt to any organisations that haven’t yet started their preparations for the new regime.

Senator Conroy also questioned the practicality of an October 1 start-up date for the new legislation. He suggested business should have more time to prepare for the Bill, and invited organisations that have a viewpoint to make a submission to the Parliamentary Committee on Corporations and Securities.

Although the date for submissions is now past, the Senator is a member of the committee, and indicated that late submissions would be accepted.