The Abbott government has struck a deal with the Palmer United Party and Ricky Muir on its watered-down financial advice rules.

In the Senate on Tuesday Finance Minister Mathias Cormann revealed the government had agreed with the balance-of-power senators to introduce further protections as a condition of their support for the unravelling of changes made under the previous Labor government.

Finance Minister Senator Mathias Cormann tells the Senate of a deal with the Palmer United Party during the disallowance motion on changes to financial advice laws. Credit:Alex Ellinghausen

The deal was announced unexpectedly as Labor and the Greens attempted to prevent the changes with a motion of disallowance in the Senate.

The final Senate vote of 31-34 for disallowance meant the attempt to strike down the changes failed.