Labor has successfully mustered the numbers to force the government into tabling the regulations that amend the FOFA regime.
Labor won a Senate motion to order the government on the production of documents regarding the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014, with 33 votes to 29.
Voting with Labor and the Greens were Australian Motoring Enthusiast Party Senator Ricky Muir, Democratic Labour Party Senator John Madigan, Palmer United Party Senator Jacqui Lambie and independent Senator Nick Xenephon.
The regulations were registered with the Governor-General late last month and have been in force since 1 July 2014.
Speaking to InvestorDaily, Financial Planning Association general manager, policy and conduct, Dante De Gori said Labor is seeking to bring forward the timetable under which it can disallow the regulations.
“The way the rules work is they haven’t actually been tabled in parliament yet, so no one can debate them,” said Mr De Gori.
“The reason why [Senator] Dastyari is pushing it is Labor can’t put in a motion to disallow the regulations until they’re tabled,” he added.
According to parliamentary protocol, the government must table the regulations six days after they are registered by the Governor General.
Under this timetable, Labor would not be able to disallow the regulations until September 30, said Mr De Gori.
Today’s successful motion brings the potential disallowing of the regulations forward by one week.
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