***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"
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 25 Sep 2017Managed Accounts Holdings in M&A playBy Aleks Vickovich
- 25 Sep 2017Client engagement driven by language: IOOFBy Staff Reporter
- 25 Sep 2017Major banks ditch ATM feesBy Staff Reporter
- 25 Sep 2017IRESS announces $2m RegTech investmentBy Tim Stewart and Killian Plastow
- 25 Sep 2017Adviser equity key to best practiceBy Aleks Vickovich and Tim Stewart
- 22 Sep 2017ASIC permanently bans unlicensed SMSF spruikerBy Staff Reporter
- view all
