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”
Whilst there is some comfort in this Senate position, as an industry we need to dramatically increase our focus on running better businesses with a commitment to a professional execution process that adequately prosecutes those who do not conform or we will leave political intervention almost inevitable.
That will be an unproductive and unpredictable outcome