Parliament's inability to pass the FASEA deadline extension bill has been met with criticism from both major parties - albeit for different reasons - and also Financial Services Union assistant national secretary Nathan Rees.
Assistant Minister for Superannuation, Financial Services and Financial Technology Senator Jane Hume argued the delay in passing the bill could be attributed to Labor's decision to attach an amendment to the bill which pertained to banning conflicted remuneration relating to listed investment companies and trusts.
"At a time when access to quality financial advice is so important to Australians," she said, "I am extremely disappointed the passage of this bill has been frustrated by the Labor Party - in little more than a cheap political stunt."
However, according to Shadow Minister for Financial Services Stephen Jones, argued that Labor had confirmed its commitment to support the bill "regardless of the success of Labor's long-standing amendment."
He added: "The Government had an opportunity to finally settle the FASEA timetable extension this week. But the Assistant Minister chose to ignore the pleas of financial advisers, and did not list the legislation for debate until Thursday afternoon as the last priority of Government business.
"Passing this legislation remains a priority for Labor, even if it’s far from a priority for the Liberals."
The FSU's Rees attacked what he saw as "finger-pointing" from both parties, saying "We have made it crystal clear that your part of the industry cannot afford further uncertainty, and that this uncertainty will cost jobs if not remedied."
"Australians are looking for political parties to work together to solve issues," he added.
Because of the delay, the next opportunity for the Senate to pass the bill will be on June 10.
The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice Education Pty Ltd or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here
Here's how COVID-19 has impacted Royal Commission implementation and oth....
According to new figures, there's a clear winner during COVID-19 when it....
14 May, 2020
Here's how COVID-19 has impacted Royal Commission implementation and other measures.
07 May, 2020
According to new figures, there's a clear winner during COVID-19 when it comes to adviser business models.
16 April, 2020
OneVue managing director Connie Mckeage discusses how the current crisis has made clear what we all have in common.