In a vote on Wednesday night, the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was resolved in the affirmative.
The vote came after an exhaustive debate and was largely along party lines, with 82 'ayes' and 50 'noes'.
According to the explanatory memorandum attached to the bill, the amendments will remove the two-year 'opt in' requirement for financial advisers and limit the fee disclosure statements requirement to clients who entered into their arrangement after 1 July 2013.
The amendments will also remove the 'catch all' clause from the 'best interests' duty; "better facilitate the provision of scaled advice"; and exempt general advice from the ban on conflicted remuneration.
The bill will now move to the senate, where Palmer United Party (PUP) senators Glenn Lazarus, Jacqui Lambie and Dio Wang (as well as PUP-aligned senator Ricky Muir) hold the balance of power.
PUP leader Clive Palmer, who holds a seat in the House of Representatives, was noteably absent from the vote.
