Senator Dastyari filed a motion in the upper house just moments ago, rising to “firmly and loudly put my voice on the record to oppose the amendments to the FOFA legislation”.
While Senator Dastyari was supported in the motion by the Greens – with Senator Peter Whish-Wilson rising to voice support in the chamber – and independent Nick Xenophon, the motion has not been successful.
The motion was defeated 34 votes to 31.
Finance minister Mathias Cormann rose to confirm speculation that a deal had been struck with the Palmer United Party, giving the government the necessary votes to ward off a challenge.
"I am pleased to inform the Senate that I have been consulting with the cross-bench senators and in particular with Mr Palmer representing the Palmer United Party and the Motoring Enthusiasts," said Senator Cormann.
"The government has reached an agreement with the Palmer United Party and we have written to Mr Palmer to take on board his positive suggestions."
Senator Cormann also rejected Labor’s claims that the regulations have been “rushed through”, pointing to a statement first issued by his office in opposition to the then-proposed FOFA legislation from April 2011.
"We are supporters of the ban on conflicted remuneration. But labor went too far. They are saying we are rushing this but nothing could be further from the truth. I released the first statement on the [then –proposed] Future of Financial Advice legislation in April 2011," he said.
"The government does not want the regulations to be allowed,” he said. “The improvements we have made deliver benefits to consumers as well as, in particular, small business financial advisers," said Senator Cormann.
