Voting on the Federal Government’s Future of Financial Advice (FOFA) legislation is on a knife-edge, according to information gathered from independent MPs by insuranceNEWS.com.au late last week.

Based on the insuranceNEWS.com.au straw poll, one of the five independent members will support the Federal Government’s proposed legislation and one will oppose it.

Two are undecided and one has given partial support to a part of the proposed legislation.

Greens member for Melbourne Adam Bandt supports the opt-in proposal, according to a spokesman, “and it is only a question about timing”.

The Government is proposing a two-year opt-in period.

“We tend to favour the lower end rather than the higher end,” the spokesman said. “Mr Bandt is aware of lots of concern in the industry.”

The spokesman says the MP is also a supporter of banning commissions paid on life insurance products sold through superannuation.

On the opposite side, Kennedy MP Bob Katter’s spokesman confirmed he will be voting with the Coalition to oppose the FOFA bill.

The spokesman says Mr Katter has organised a number of meetings this week with the industry to talk about the FOFA legislation.

Also opposed to the two-year opt-in proposal is Lyne MP Rob Oakeshott, who wants a five-year period.

Mr Oakeshott did not respond to insuranceNEWS.com.au calls. His position on commissions is not clear at present, and he has made no public statements on the issue.

Denison MP Andrew Wilkie is undecided about either supporting or opposing the proposed legislation.

“These are complex reforms and I’m yet to decide my position,” he told insuranceNEWS.com.au.

New England MP Tony Windsor’s office says “he hasn’t decided his positions and is still taking advice”.

Assistant Treasurer Bill Shorten announced two weeks ago that the bill will probably be introduced into Parliament next month, although there has been talk about it appearing before the end of this month.