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Government tables FoFA bill in House of Reps

Government tables FoFA bill in House of Reps
The Coalition has reintroduced the amendments of the Future of Financial Advice (FoFA) bill into the House of Representatives, reigniting the political debate around financial planning legislation.

The government's move follows the opposition's failed attempt to disallow the proposed changes in a Senate vote.

A last minute deal with Palmer United Party (PUP) senators allowed the Coalition to maintain the changes to FoFA, which were introduced as regulations.

However, the government needs to table the proposed amendments to the Parliament as legislation before the end of the year.

Unsurprisingly, Greens spokesperson for consumer affairs, competition policy and small business Senator Peter Whish-Wilson said that the FoFA legislation "is aimed at locking into law the dodgy deal that they [the Coalition] have done with Clive Palmer to back the big banks over consumers."

"Choice, Industry Super Australia, ASIC and the Government's own hand-picked chair of the Financial Systems Inquiry, David Murray, have all criticised the current system and called for reforms to limit industry excesses," Whish-Wilson said.

Despite the criticism from the cross-benches, if the Palmer United Party holds to its agreement with the government on the legislation it is expected to pass through the Senate.

Author : Laura Millan
Source : Financial Standard


Last modified onWednesday, 27 August 2014 21:29

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