The Senate has again voted in favour of the government’s amendments to FOFA, despite a continued challenge from the opposition, Greens and some cross-benchers.
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”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 24 Oct 2017Super bills tabled in Federal ParliamentBy Miranda Brownlee
- 23 Oct 2017IFAs drive exchange-traded bond demandBy Jessica Yun
- 23 Oct 2017Government to beef up misconduct penaltiesBy Killian Plastow
- 24 Oct 2017CPA hurt by ‘negative undertones’ in financial adviceBy Aleks Vickovich and Katarina Taurian
- 23 Oct 2017Fiducian prepares for leadership transitionBy Staff Reporter
- 23 Oct 2017Industry association for insurance tech launchesBy Staff Reporter
- view all