FOFA amendments survive Senate challenge

This is the second time in just three months that the fate of the controversial amendments have been tested with a disallowance motion, passing last night by a narrow margin of 36 to 32. 

The amendments were saved with support from the Palmer United Party, Motoring Enthusiast Party, Family First and Liberal Democratic Party cross-benchers.

“The government appreciates the constructive approach taken by and the ongoing support of key cross-bench Senators in support of our financial advice law reforms,” said a statement from finance minister Mathias Cormann.

Senator Cormann reiterated the government’s longstanding position that the amendments will result in “more affordable, high quality financial advice by removing unnecessary and costly red tape, while maintaining all the important consumer protections that matter for consumers”.