The government is expected to move quickly to water down Labor's financial advice laws following the conclusion of an 11-week Senate inquiry. The report of the inquiry was to have been presented to the Senate on Monday night.

Introduced in July 2013 in response to a string of high-profile financial collapses, Labor's legislation imposed an overarching requirement on financial planners to act in the best interests of their clients. It also prohibited them from obtaining commissions and other forms of conflicted remuneration.

Tony Abbott's chief of staff Peta Credlin talks to Foreign Minister Julie Bishop during question time in Parliament on Monday. Credit:Alex Ellinghausen

The Senate inquiry has been conducted at the same time as another one into the behaviour of the Australian Securities and Investments Commission and its handling of complaints about financial planners employed by the Commonwealth Bank. That inquiry is due to report next week.