Clive Palmer has reportedly issued Assistant Treasurer Mathias Cormann with a list of demands on the FOFA amendments, backing down from his original position of support for the Opposition.
The Australian Financial Review reported last night that the MP for Fairfax and leader of the Palmer United Party has “stepped back from his previous position that his senators would vote with Labor and the Greens” on FOFA and has “put to Senator Cormann a list of demands which the government is considering”.
The report suggests that Mr Palmer’s demands are relating to additional transparency provisions and include a legally binding disclosure document from institutions to consumers that the advice they are receiving is in their best interests.
Mr Palmer has also flagged the notion of a “get-out clause” for investors, in which they could “order a switch in strategy should their investment begin to sour”.
Labor was expected to table a FOFA amendment disallowance motion yesterday but it was not forthcoming, possibly as a result of Mr Palmer’s last-minute change of heart.
If a disallowance motion is not tabled this week, the Senate will not be able to consider one until it sits again on August 26.
Mr Palmer previously indicated strong opposition to the government's FOFA amendment agenda.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all