Finance Minister Mathias Cormann has called a halt to the controversial watering-down of Labor's financial advice laws, less than a week after besieged colleague Arthur Sinodinos stepped down from the portfolio.

The move means the Abbott government's amended legislation will not be introduced to Parliament this week.

Finance Minister Mathias Cormann. Credit:Alex Ellinghausen

''I have decided to pause the process on the Future of Financial Advice regulation for the time being to enable me to consult in good faith with all relevant stakeholders before pressing the go button on our changes,'' Senator Cormann told Fairfax Media on Monday.