Joe Hockey’s determination to introduce the Financial Services Reform Bill into Parliament in the current sitting is becoming less and less likely. And as the Minister for Financial Services & Regulation’s legislative schedule falls apart, industry lobbyists are growing increasingly uneasy.

A few weeks ago Mr Hockey stated his plan to have the FSRB introduced into Parliament in the current February-March session, with implementation on July 1. That left a little time for the industry to consult over the fine detail of the Bill. But now, with the current session due to end on Thursday and only 8 days in late March-early April remaining before the budget is brought down in May, things are getting tight.

That’s bad news for industry lobbyists, who are desperate to sort out vital details such as authorised representatives, sub-authorisation matters, the definition of a retail client, etc. The crucial referral of powers legislation that underpins the FSRB has still not been successfully negotiated to a point where it will be introduced.

Lobbyists are concerned that the FSRB will be caught up in the usual election year budget frenzy, in which case their concerns may not get the sort of airing that Mr Hockey originally promised.

We’ll keep you posted.