The Future of Financial Advice bill has become bogged down in another parliamentary inquiry.

The bill has been passed to the Senate Economics Legislation Committee, with submissions closing on February 6.

The committee is due to hand down its report on March 14, leaving even less time for the legislation to pass both houses and become law before the implementation date of July 1 next year.

The bill is also before the Parliamentary Joint Committee on Corporations and Financial Services, which is due to finalise its report on February 29.

Speaking at the Financial Planning Association’s conference in Brisbane last week, Financial Services Minister Bill Shorten said he is confident the bill will become law with the support of the independent MPs.

Currently the only FOFA bill before Parliament is the first tranche covering commission payments and opt-in.

Still to come in future bills is legislation defining advisers acting in the best interests of their clients and the financial advice licensing exemption for accountants.

Mr Shorten has said the second part of the FOFA legislation will be introduced into Parliament in December, but that was before the first bill became bogged down in parliamentary committees.