Financial Sector Reform (Hayne Royal Commission Response

The majority voted in favour of disagreeing with an amendment to the usual second reading motion, which is "that the bill be read a second time" - parliamentary jargon to agreeing with the main idea of the bill.

Amendment text

That all words after "That" be omitted with a view to substituting the following words:

"whilst not declining to give the bill a second reading, the House note the Government has:

(1) failed to effectively deliver professional standards reform in the financial advice sector;

(2) been too slow to implement the findings of the Hayne Royal Commission;

(3) established and then shut down the failed Financial Adviser Standards and Ethics Authority;

(4) failed to adequately protect consumers; and

(5) caused uncertainty and unnecessary costs for thousands of financial advisers across Australia".