The father of Labor’s financial advice reforms Bernie Ripoll has announced he will quit parliament at the next election.

The former parliamentary secretary has represented the Queensland seat of Oxley since 1998 after independent Pauline Hanson vacated it to stand in Blair.

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He has been Labor’s spokesman on financial services and superannuation since 2013 following the defeat of the Rudd government.

In government, Mr Ripoll’s most notable achievement was to begin the process that led to the Future of Financial Advice (FoFA) reforms.

Prior to the FoFA reforms, financial advisers were free to take commissions on products they recommended. This practice resulted in poor advice and led to a number scandals, most notably in the Commonwealth Bank of Australia’s financial advice business.

The Abbott government tried to wind back the reforms, but was prevented from doing so by the Senate, reflecting a fundamental shift in public perception of what a financial adviser ought to be.

Mr Ripoll announced his departure today on Facebook, saying: “I have decided to announce at this time to allow the Labor Party and my local branch members the best possible opportunity to find a replacement as the candidate for Oxley.

“It is always a great honour to be given the opportunity to serve one’s community and for me to do that for the Labor Party is an even greater honour. I am exceptionally thankful for that privilege.”

– with AAP