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"
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- 14 Nov 2018Hayne commission driving adviser tech shiftBy Adrian Flores
- 12 Nov 2018InvestSMART launches maxed feesBy Sarah Simpkins
- 13 Nov 2018Advice demand soaring despite reputation hitBy Adrian Flores
- 12 Nov 2018Former premier, advisers sound alarm on sex discriminationBy James Mitchell
- view all