The Financial Services Reform Bill may squeak on to the parliamentary order paper before the budget sessions begin. The latest word from Canberra is that the legislation will be tabled early in the week of April 2, with debate fast-tracked to get it through the House of Reps by Thursday April 5.

Blake Dawson Waldron Partner Mark Radford said this would give the relevant parliamentary committee six weeks to hear submissions and to consider any possible amendments.

Canberra sources confirmed that if this timing can be achieved, it will be sent to the Senate just after the Federal budget on May 22. And if the Bill is to encounter strong debate, the Senate is where it is most likely to occur.

Mr Radford said he believes the July 1 deadline for implementation of the financial services reforms is now very doubtful. “But that is not to say that people can expect to wait until January 1 next year for implementation,” he said.

His bet for implementation under this scenario is October 1.