was struck earlier in the week, but Mr Jones reneged on the agreement on Thursday afternoon, after a day of furious lobbying by the banking sector, which was blindsided by the last-minute inclusion of fines.
“I don’t think we forced anything. I think we just gave a view, and the minister listened, and said, ‘OK let’s have a bit more thought about it’. It may still get through – but what they have done is hit the pause button.” Financial Services Council chief executive Blake Briggs said significant amendments to the bill such as civil penalty provisions would materially affect super funds, life insurers and banks.
Source: News Formal (newsformal.com)
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