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"
Advertisement
Advertisement
1 commentsjoin the conversation
latest news
Court confirms wealth directors breached duties
The Federal Court has dismissed the appeal from two directors of a collapsed fin...
ATO should administer early super scheme
An actuarial body has suggested the Tax Office should be responsible for adminis...
Practice Profile: Where digital meets personal
While the uptake of robo-advice has been slow in Australia, one advice firm has ...
Subscribe to the ifa bulletin
Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy
