The majority voted in favour of disagreeing with an amendment to the usual second reading motion, which is "that the bill be read a second time" - parliamentary jargon to agreeing with the main idea of the bill.
That all words after "That" be omitted with a view to substituting the following words:
"whilst not declining to give the bill a second reading, the House note the Government has:
(1) failed to effectively deliver professional standards reform in the financial advice sector;
(2) been too slow to implement the findings of the Hayne Royal Commission;
(3) established and then shut down the failed Financial Adviser Standards and Ethics Authority;
(4) failed to adequately protect consumers; and
(5) caused uncertainty and unnecessary costs for thousands of financial advisers across Australia".