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Royal commission motion falls flat

Royal commission motion falls flat

***Updated***

A push to hold a "royal commission into misconduct in the financial services sector" failed to garner the support of the major parties when put to the federal parliament this afternoon.

Greens senator Peter Whish-Wilson lodged a formal motion at 4pm today, following a number of MPs renewing calls for a royal commission in light of allegations of misconduct at IOOF.

The motion was defeated with 14 senators voting in favour of the government establishing a royal commission and 39 voting against.

The vote comes as an ifa editorial has suggested there could be an upside in a royal commission for advisers.

Correction: This article originally referred to a "royal commission into misconduct in the financial advice industry"

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