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Financial services minister Chris Bowen has denounced commissions paid to financial advisers because they create a conflict of interest.
Changes to how financial planning professionals are remunerated could influence how mortgage brokers are paid for their services in the future.
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Speaking at the Financial Planning Association national conference in Melbourne yesterday, Mr Bowen said any regulatory changes to the profession should be guided by the need for planners to give advice that is in the best interest of their clients.
“Regardless of whether commissions create genuine conflicts of interest, they invariably create an overwhelming perception of conflict, a perception that financial advice may be self-serving,” Mr Bowen said.
The minister’s comments come ahead of the release of a report in to the collapse of Storm Financial on Monday.
