The banking industry - or the big banks at least - appear to be on the back foot on one of their strategic regulatory priorities with Australia's still new Coalition government.Plans to water down the Future of Financial Advice reforms of the last Labor government to make them more favourable to the banks' business models have been put on hold.The Minister for Finance and Acting Assistant Treasurer, Mathias Cormann, yesterday announced he had "decided to pause the process on the FOFA regulation for the time being to enable me to consult in good faith with all relevant stakeholders before pressing the go button on our changes."Cormann - the author, in opposition, of the policy - said "we remain committed to implement the improvements to FOFA which we took to the last election as soon as possible."However, conjecture is running strong that the government will not proceed at all.The concerted campaign of industry interests that favoured Labor's FOFA reforms, including the industry super lobby, appears to have been effective, as has the stance of the Financial Planning Association, whose members have weaned themselves off commissions and adapted to a fee for service model.