Senators Jacqui Lambie and Ricky Muir have changed their positions on FOFA, ahead of another disallowance motion slated for the Senate this morning.
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.
The prudential regulator has announced one of its planned new restrictions for individual disability income insurance (IDII) will be pushed back a yea...
Treasury could opt to scrap general advice entirely as part of its 2022 Quality of Advice Review, but the move would need to be carefully reviewed to ...
The wealth giant has unveiled a raft of management changes – including the exit of a key advice executive – following new AMP Australia chief exec...