Assistant Treasurer Stephen Jones says banks and insurers will have one last chance to demonstrate they should be allowed to provide more financial advice, after business leaders and the opposition accused the government of favouring superannuation funds.

Shadow Treasurer Angus Taylor on Tuesday said the government’s vision of an “expanded and more effective role” for super funds in providing retirement advice was a sign of Labor cosying up to the $3.3 trillion sector. Liberal senator Andrew Bragg said the legislative response was too slow and would “expand the scope of influence of the big super funds” instead of improving access to advice.