The House of Reps has just passed the Streamlining of Future of Financial Advice bill, voting in favour of the government’s amendments.
However both Labor and the Greens voted against the proposal which will now need to pass through the Senate where the Coalition needs to secure support from either the Palmer United Party or independents to pass the updated FOFA reform package.
The FoFA roll-back aims to boost transparency in the financial services sector, in particular around the quality of advice. The government argues the changes will remove unnecessary process and costs while Labor says it will put consumers at risk.
In July the government had a win in the Senate, winding back some of the FoFA reforms. Today’s bill includes changes which couldn’t be implemented via regulation.
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