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Commission-based payments for financial planners could be ruled out by law, the chairman of a review on superannuation has warned.
Jeremy Cooper, deputy head of the Australian Securities and Investments Commission (ASIC), told The Australian Financial Review legislative changes were necessary in order to protect consumers and prevent conflicts of interest.
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“Superannuation is such a large pot of money and the government gives you tax breaks, so a fair amount of regulation is inevitable,” Mr Cooper said.
Mr Cooper’s comments follow calls from the Financial Planning Association and Investment and Financial Services Association recommending commissions based payments be phased out.
