Royal commission motion falls flat

Greens senator Peter Whish-Wilson lodged a formal motion at 4pm today, following a number of MPs renewing calls for a royal commission in light of allegations of misconduct at IOOF.

The motion was defeated with 14 senators voting in favour of the government establishing a royal commission and 39 voting against.

The vote comes as an ifa editorial has suggested there could be an upside in a royal commission for advisers.

Correction: This article originally referred to a "royal commission into misconduct in the financial advice industry"