The federal opposition’s third attempt at blocking the government’s FOFA amendments has been successful, following this morning’s announcement of a policy backflip from Senators Jacqui Lambie and Ricky Muir.
After a lengthy debate in the Senate today about whether or not the FOFA disallowance motion should be voted on this afternoon, the upper house ultimately upheld the motion 33 votes to 31.
Senator Dastyari said that the opposition and government should now go “back to the drawing board” and will take a “facilitative” approach to the issue.
ASIC will be taking a measured approach to FOFA compliance in coming months, Mr Dastyari said.
The vote effectively means that the lobbying efforts of the financial services associations and Coalition have not been successful and Labor's original FOFA laws will stand.
Meanwhile, Coalition Senator Eric Abetz said the disallowance motion will have a “devastating effect” on financial advisers, arguing the industry should have been given more notice.
“You would think common decency and common sense would require that this industry would be given more than 12 or 24 hours’ notice of a disallowance,” Mr Abetz said.
Senator Abetz described the change in policy positions by Senators Lambie and Muir as a “stunt…to ensure that the government’s program is derailed”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Aug 2018AFA reveals Female Excellence in Advice finalistsBy Reporter
- 15 Aug 2018CFS ‘retained’ adviser commissions: RCBy Killian Plastow and Tim Stewart
- 15 Aug 2018Suncorp urged advisers to maintain commissionsBy Jessica Yun
- 15 Aug 2018Hostplus spent $260,000 on tennis ticketsBy Tim Stewart
- 14 Aug 2018RC challenges NAB on ASIC interactionsBy Killian Plastow
- 14 Aug 2018Judgement issued in DomaCom SMSF appealBy Miranda Brownlee
- view all