The passage of the Financial Services Reform Bill through Parliament may be in trouble. The Bill, which is scheduled to pass through the parliamentary process and be implemented by October 1, hasn’t yet been listed for committee hearings, and with the Senate sittings already running tight in an election year, a January 1 implementation date is becoming more likely.

While Financial Services and Regulation Minister Joe Hockey was unavailable for comment yesterday, Canberra sources say any delay might even be good for the Bill.

“The politicians are coming under enormous pressure to water down the licensing and ‘financial advice’ aspects of the Bill,” one insider said. “There’s a very real risk the Bill will be gutted.”

It’s understood that real estate agents, as well as lawyers and accountants, are placing intense pressure on backbenchers to secure changes to the Bill. As things stand, their ability to provide “financial advice” will be severely curtailed unless they are prepared to undergo intensive examinations of their abilities.

Life insurance agents are also understood to be lobbying the Government to completely drop any requirements for commission disclosure – a central tenet of the Bill.

“It might be better if the Bill was allowed to wait until after the election,” the source said. “Then there wouldn’t be quite so much pressure on whichever party wins. But right now the Government is in re-election mode, and it’s in the mood for making concessions.”

Shadow Financial Services spokesman Senator Stephen Conroy has already indicated the ALP’s broad support for the Bill.