A vote on a government motion that the Senate not insist on an amendment proposed by senator Rex Patrick of the Centre Alliance has been narrowly defeated in the Senate on Tuesday when the bill returned to the upper house for debate.
The amendment related to bringing grandfathered large proprietary companies into ASIC’s reporting scheme.
As the House of Representatives voted to reject the amendment on Monday, this means the bill is looking increasingly unlikely to pass Parliament.
The FASEA extension bill was intended to provide a one-year extension for advisers to comply with the FASEA exam and education requirements.
UPDATE: Centre Alliance Senator Rex Patrick has backed down on the amendment the Senate previously insisted on to the FASEA extension bill, leaving it free to pass both houses of Parliament.
In this morning’s Senate session, Senator Patrick said he was withdrawing the amendment because there was “an urgent need” for advisers to have certainty around their professional standards regime.
One Nation Senator Malcolm Robert’s echoed Mr Patrick’s comments that the party would support the amendment at a later, more appropriate time.
