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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
15 Dec 2017AIW Dealer Services enters EUBy Staff Reporter
15 Dec 2017New CEO appointed at Centrepoint AllianceBy Staff Reporter
15 Dec 2017FASEA education pathways provide certainty: O’DwyerBy Killian Plastow
14 Dec 2017AUSTRAC adds to list of CBA allegationsBy Killian Plastow
15 Dec 2017Get ‘independent financial advice’: Joe HockeyBy Aleks Vickovich
14 Dec 2017‘Forward-thinking’ advisers drive mFunds growthBy Aleks Vickovich
- view all