The Albanese government has been forced to backtrack on financial advice legislation tabled in parliament last week after it accidentally moved to turn off sales commissions for insurance.
Financial Services Minister Stephen Jones’ office on Friday was scrambling to redraft the legislation, to fix “unintended consequences” from the mistake that would have forced insurance brokers to overhaul their entire businesses and swap to a fee-for-advice model.
Lucy Dean writes about wealth management, personal finance, lifestyle and leisure, based in The Australian Financial Review's Sydney newsroom. Connect with Lucy on Twitter. Email Lucy at l.dean@afr.com
