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
24 Jan 2018CBA compensation payout hits $6.87m and risingBy Staff Reporter
23 Jan 2018Financial advice changing of guard ‘positive’By Staff Reporter
23 Jan 2018Royal commission, best interests duty and 2018 outlookBy Staff Reporter
23 Jan 2018Advisers challenged by geopolitical climate: reportBy Staff Reporter
23 Jan 2018ASIC to shadow shop mortgage brokersBy Annie Kane
22 Jan 2018Consumers less confident buying insurance onlineBy Staff Reporter
- view all