It gives Labor the numbers to undo the recent deal done between Mr Palmer and the Finance Minister, senator Mathias Cormann, which helped the government avoid earlier attempts to block its changes. Senator Lambie breaks away from other PUP senators to back Labor's disallowance motion. Credit:Andrew Meares The disallowance motion will remove all of the regulations put in place since June that allowed the watering down of the former Labor government's Future of Financial Advice laws. "It's a coalition of commonsense," Senator Dastyari said on Wednesday morning. "We've put together a group of senators who've said 'Enough's enough, there have been too many victims of financial crime and the last thing we should be doing is watering down protections for consumers.'

"These regulations by Mathias Cormann were returning us to the bad old days of financial planning where a handful of crooks, criminals and conmen dominated the industry." Senator Dastyari said Labor planned to upend the agenda in the Senate on Wednesday and move a motion to give the issue priority so that it has to be debated and voted on without delay. Senator Lambie, who was demoted by her party on Wednesday, defended her decision to break away from other PUP senators on the issue. "I have to do what's right by my conscience and I believe we've allowed it to be watered down - and that's the issue I have with it, I've had that issue all along with it," she said. "The first couple of weeks of being up in the Senate were very difficult, we were all trying to find our way - well, I've found my way now.

You know what, sometimes when you make a wrong you have to go back in there and make it right, and that's exactly what i'm doing now." Mr Palmer hit out at Senators Lambie and Muir for no longer supporting the government's changes to financial advice rules. "I think what we want with politicians really is honesty and people that can rely on each other, that's the most important thing, and Ricky Muir has just done a backflip, after he's got the government to accept all the changes he wanted, he's decided to change his mind when it comes to him delivering on that arrangement," he said. "That's very disappointing because it means that the government will no longer probably, deal with him or be able to rely on him for whatever he says." Senator Cormann called on Senator Lambie and Senator Muir to honour the agreement they had made with the government in July to support its changes.

"We have amended our FOFA legislation to give effect to all of the requested changes that PUP and AMEP asked for," Senator Cormann said. "Specifically, Senator Muir asked us to set up a register of financial advisers and we are in the process of establishing that register. "We have delivered on our side of the bargain and we call on Senator Lambie and Senator Muir to do the same." Senator Cormann said any vote to disallow the government's changes would be bad for small business financial advisers and their clients. "Our FOFA reforms keep all the consumer protections that actually matter to consumers such as the requirement for financial advisers to act in the best interest of their clients and the ban on conflicted remuneration for financial advisers," he said.

"What they also do is cut unnecessary and costly red tape, which just pushes up the cost of advice for Australians saving for their retirement." Senator Dastyari said the motion would once again outlaw conflicted remuneration, such as the payment of incentives by banks to planners that are not declared to consumers. "The only people that support the government on this are the four big banks and AMP. That should tell you something," he said. Follow us on Twitter