The bill amending the Future of Financial Advice (FoFA) legislation will need to go through a Senate Economics Committee inquiry before it is tabled in the Senate.
The Senate Standing Committee for Selection of Bills decided to refer the Corporations Amendment (Streamlining of FoFA) Bill 2014 to the Economics Committee after it was introduced to the House of Representatives on March 19.
A spokesperson for the Committee for Selection of Bills told Financial Standard that the inquiry will produce a report that will be presented to the Senate on June 16.
The decision is a "normal procedure" as the committee examines the bills introduced to the lower house and selects the ones that need to go through an inquiry before being tabled in the Senate.
The House of Representatives is likely to pass the bill next week, but the vote could be delayed to the next sitting period, due to start in mid-May.
The Senate inquiry will start after the bill is voted upon in the lower house and the upper house will debate and vote on the bill once the Senate Economics Committee report is presented on June 16.
The Corporations Amendment (Streamlining of FoFA) Bill 2014 was tabled in the lower house last Wednesday.Author: Laura MillanSource: Financial Standard
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