The two crossbenchers have joined Labor senators opposing the government’s FOFA agenda, according to a spokesperson for Labor Senator Sam Dastyari’s office.
“Senators Lambie and Muir have spent the last three to four months listening to the concerns of both the government and the financial advice industry, and the concerns of national seniors, pension groups, consumer advocates such as Choice and, of course, victims of poor financial advice, and they have changed their position,” the spokesperson told ifa.
“They have moved over to vote with the Labor, Greens, Madigan, Xenophon opposition to disallow the regulatory changes that were introduced on the first of July.”
The backflip by Senators Muir and Lambie follows a spat between Ms Lambie and PUP leader Clive Palmer, which saw the Tasmanian senator contravening PUP party line to vote against the government’s social services Bill this week.
Mr Palmer this morning took to social media to announce that Senator Lambie had been demoted within the party’s ranks.
“The @PalmerUtdParty has removed @JacquiLambie as party’s deputy Senate leader & deputy whip & suspended her rights to attend party meetings,” Mr Palmer tweeted.
In July the government negotiated a deal with Clive Palmer to save the FOFA amendments.
We did not engage the ISN in mainstream media when they started the “compare the pair ” campaign. The AFA & FPA preferred to work behind closed door. The banks did not care to engage – it was not in their interests THEN, and they are back door johnnies as well
WRONG !!!!! ISN snookered us, and then we fed them bait – Storm, CBA etc
Don’t blame Individuals in the Senate-this is not new. Lambie could just as well have been a renegade Liberal or Nat Senator. And remember the preferential system that throws up these absurdities could have been changed by either major party, but was not – because it suited both parties.
I agree with comments on the understanding held by Lambie and others in Parliament. it is ridiculous that these people can have such an impact. However, i think it is important that the FPA and other industry bodies accept partial responsibility as they have NEVER clearly articulated and educated the public, media or politicans about what the changes really mean. As planners our job is to educated and improve our clients lives and positions. No bloody idea what the FPA provides this industry with. That also goes for the woman on ABC 24 this morning from AFA that was pathetic at articuating the issues. Hate to think how much money she gets paid to articulate and present our case.
The Greens, Labor and Nick Xenophon went looking for the weakest link to play the political power game and in the end they found the missing links….which made their job even easier.
I want Lambie and Muir to be interviewed on national television for 30mins solely on their knowledge of financial services, the terminology,the process and the legislation.
For those who watched the interview of her understanding of Sharia law with Barry Cassidy on the recent ABC Insiders program, the result would be no different.
She might be able to fake tan, but she can’t fake knowledge and intellect.
A planner from the Financial Planning industry needs to run for Parliament , they would get my vote
To have 2 Senators such as Lambie and Muir with only one brain cell between them to be paid by the taxpayer @ $190K p.a + expenses is a complete disgrace.
Ricky should stick to polishing his hub caps and Jacqui should stick to polishing her Army boots….anything else is just too complicated for Bonny and Clyde.
Surely this is now evidence that there needs to be necessary mandated minimum education levels for politicians.
FOFA is a political football being grossly manipulated by people who have no real understanding and are using it as a points scoring opportunity and a power game.
I can’t wait for the return of Pauline Hanson.When Jacqui and Pauline have a crack at each other it will be like watching an episode of Houso’s.
Someone needs to take her out of politics altogether – the woman is clearly unbalanced judging by the lies and misinformation she has so far spread, especially claiming some indigenous background that has proven to be a total fabrication…
Imagine if our standards, obligations and potential litigation issues were enforced on politicians – for that matter with the power they wield why isn’t it? Oh that’s right, because they make the rules…
Well done Labor – what a way to distract the Parliament and public from the dirty deeds between the CFMEU and CBUS currently being exposed in the Royal Commission into Trade Union Governance.
Can’t wait for the day when these upstanding members of our society have full and unfettered control over the wealth management system in this country.
I mean, why wouldn’t you trust a bunch of ex and current union hacks in the dual, conflicted roles of legislatures and Trustees with the nations’ retirement savings?
Does anyone miss the Democrats yet???
I thought the Senate was a House of Review, not a House of Obstruction. Labor is just getting even.
Lets hear what our new FPA chair elect Neil kendall has to say ???
Ah well, this was always on the cards. Senator Kormann made promises he knew, or ought to have known, that he could not keep, both before and after the election. And people in this industry who should have known better believed him. The Senate is always un-predictable, with or without Palmer.
The ISN have out lobbied us again. Where the hell are the FSC and our friends the insurers
BTW, is that the same Sam Dastyari who oversaw some nasty branch stacking while running the NSW branch of the ALP
And the winner is….the Banks! They will keep millions of dollars in volume bonuses and commissions which would otherwise have been paid to independent licensees and financial planners upon sale or transfer to another licensee. The client? They receive nothing. Just increased fees for non-aligned advice.
[quote name=”marksman”]This latest political stunt (orchestrated to further individual political careers rather than for the good of the electorate) is irrefutable evidence that the inmates have indeed taken over the asylum…… Retirement here I come (NOTE: the industry has just lost 33 years of practical experience).[/quote]
Agreed, but nobody said that politicians have an obligation to act in the “best interests” of the electorate.
Aah politics. When winning the fight becomes more important than the subject matter.
But don’t forget that we elected these people, probably because they are a ‘simple’ alternative to the mainstream. They get votes because they aren’t Labor or Coalition.
What a complete bunch of morons who don’t understand the impact of their stupidity on the Australian consumer just for their own political grandstanding. Our whole senate system is a farce when you are people such as Lambie and Muir to be elected without the political abilities of an amoeba. We need certainty in the Financial Planning profession and we are simply not getting is due to the political midgets.
It was hard to believe that Cormann could rely on Palmer in the first place – this is (our version of)democracy at work, folks, and I for one will be pleased to see FOFA reinstated rather than watered down as it was going to be.
More importantly, there is no “limbo” as we’re all capable of dealing professionally with a bit of uncertainty… That’s the whole reason for our existence! If everything was certain we’d have no jobs. If “the Australian public” was informed and content rather than confused they wouldn’t seek advice. Be careful what you wish for.
People from other countries are looking Australia’s political landscape and shaking their heads in utter disbelief saying to themselves “No one can carry on with so many law changes the way these Australian’s do”
What a joke the politicians are, every time you make a law change you are taking away someones privileges and the consumer is never any better off for it!
This latest political stunt (orchestrated to further individual political careers rather than for the good of the electorate) is irrefutable evidence that the inmates have indeed taken over the asylum…… Retirement here I come (NOTE: the industry has just lost 33 years of practical experience).
I don’t know whether to laugh or cry.
The future of an industry determined by two individuals who know nothing about it.
That’s democracy in action folks.
Ah don’t you just love the prospect of the future being in the hands of a couple of Muppets.
It is unbelievable that the future of our wonderful industry is at the mercy of a spat between Jackie and Clive. How is it possible that two individuals are able to control whether much needed amendments are implemented?
Ahh another day in limbo land.
And the loser is……the Australian public, even more of whom will be unable to access affordable first rate financial advice.