The bill was debated in the House of Representatives on Monday afternoon and a third reading proposed after the lower house voted 65 in favour of the bill and 56 against.
Labor had voted against the bill in a move of disapproval towards the government’s delays in passing royal commission legislation, with shadow Treasurer Jim Chalmers saying it had “taken far longer than promised” to implement the inquiry’s recommendations, including to establish a compensation scheme of last resort.
The news comes following criticisms from the advice industry as well as a parliamentary committee around some of the specifics of the bill, with the AFA saying the bill did not allow for the practicalities of licensees and product providers’ fee systems and this needed to be urgently addressed.
The standing committee for the scrutiny of bills has also criticised the harsh penalties imposed on advisers for improper record keeping in the legislation, while the AIOFP has said it will lobby key cross-bench senators to remove their support for the bill.
so the net benefit will be….. higher costs to consumers and fewer people receiving advice – a great outcome by our esteemed politicians
So, I am to continue to be a professional beggar of signatures if I am to stay bin business.
Labor voted against the bill in a move of disapproval towards the government’s delays in passing royal commission legislation.
So the best way to express your concern that something has been delayed is to try and delay it further. You can’t make this up.
Undoubtedly, Australia is the nanny country, that many rules and regulations now make it impossible to be profitable. I have always maintained once you have bureaucrats telling business what to do you are stuffed. Fast becoming the laughing stock of the world.
Its why the only growth in the employment sector is the Public Service. Something serious wrong if that is the case. We must have the most red tape in the world now.