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   33 Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016

The order of the day having been read for the resumption of the debate on the question—That the bill be now read a second time—

Debate resumed by Dr Leigh who moved, as an amendment—That all the 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:

(1)    notes that in recent years, numerous cases of inappropriate financial advice have had a negative impact on Australian consumers’ confidence in the financial services industry;

(2)    notes that this lack of trust has become a barrier to consumers seeking financial advice;

(3)    welcomes this continuation of the Future of Financial Advice reforms which were initiated under the former Labor government; and

(4)    calls on current Liberal and National Party parliamentarians to apologise for the disregard their colleagues in the 43rd parliament showed for the many victims of bad practice in the financial advice sector when they voted against Labor’s Future of Financial Advice measures.”

Debate ensued.

Question—That the amendment be agreed to—put.

The House divided (the Speaker, Mr A. D. H. Smith, in the Chair)—

AYES, 68

Mr Albanese

Mr Danby

Mr Jones

Ms O’Toole

Dr Aly

Mr Dick

Ms Keay

Ms Owens

Mr Bandt

Mr Dreyfus

Dr M. J. Kelly

Mr Perrett*

Ms Bird

Mrs Elliot

Mr Keogh

Ms Plibersek

Mr Bowen

Ms Ellis

Mr Khalil

Ms Rishworth

Ms Brodtmann

Mr Feeney

Ms C. F. King

Ms Ryan*

Mr Burke

Mr Fitzgibbon

Ms M. M. H. King

Mr Shorten

Ms Burney

Dr Freelander

Ms Lamb

Mr Snowdon

Mr M. C. Butler

Mr Georganas

Dr Leigh

Ms Stanley

Ms T. M. Butler

Mr Giles

Ms McBride

Ms Swanson

Mr Byrne

Mr Gosling

Ms Macklin

Ms Templeman

Dr Chalmers

Mr Hammond

Mr Marles

Mr Thistlethwaite

Mr Champion

Mr Hart

Mr B. K. Mitchell

Ms Vamvakinou

Ms L. M. Chesters

Mr Hayes

Mr R. G. Mitchell

Mr Watts

Mr Clare

Mr Hill

Mr Neumann

Mr Wilkie

Ms Claydon

Ms Husar

Mr O’Connor

Mr J. H. Wilson

Mr Conroy

Mr Husic

Ms O’Neil

Mr Zappia



NOES, 75

Mr Abbott

Mr Fletcher

Mr Leeser

Mr Ramsey*

Mr Alexander

Ms Flint

Ms Ley

Mr Robert

Mrs K. L. Andrews

Mr Frydenberg

Mr Littleproud

Ms Sharkie

Mr K. J. Andrews

Mr Gee

Mr McCormack

Mrs Sudmalis

Ms Banks

Dr Gillespie

Ms McGowan

Mr Sukkar

Mr Broad

Mr Goodenough

Dr McVeigh

Mr Taylor

Mr Broadbent

Mr Hartsuyker

Ms Marino

Mr Tehan

Mr Buchholz

Mr Hastie

Mr Morrison

Mr Tudge

Mr D. J. Chester

Ms Henderson

Mr Morton

Mr Turnbull

Mr Christensen*

Mr Hogan

Mr Ted O’Brien

Mr van Manen

Mr Ciobo

Mr Howarth

Mr L. S. O’Brien

Mr Vasta

Mr Coleman

Mr Hunt

Mr O’Dowd

Mr Wallace

Mr Coulton

Mr Irons

Ms O’Dwyer

Mrs Wicks

Mr Crewther

Mr Joyce

Mr Pasin

Mr R. J. Wilson

Mr Drum

Mr Keenan

Mr Pitt

Mr T. R. Wilson

Mr Dutton

Mr C. Kelly

Mr Porter

Mr Wood

Mr Entsch

Mr Laming

Mrs Prentice

Mr Wyatt

Mr Evans

Ms M. L. Landry

Ms Price

Mr Zimmerman

Mr Falinski

Mr C. A. S. Laundy

Mr Pyne


* Tellers

And so it was negatived.

Question—That the bill be now read a second time—put and passed—bill read a second time.

Leave granted for third reading to be moved immediately.

On the motion of Ms O’Dwyer (Minister for Revenue and Financial Services), the bill was read a third time.