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Brokers may be in favour of commissions, but they have been condemned by Australia’s peak financial planning body.
Members of the Financial Planning Association, which claims to represent 10,000 of the industry’s 18,000 financial planners, have been forbidden from accepting commissions since 2009.
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Chairman Matthew Rowe told ABC television earlier this week that he opposed federal government reforms that would allow financial planners to charge commissions.
“I don't believe it's in the best interests of consumers. I think it's a retrograde step,” he said.
“We don't believe that a commission should be payable on any form of investment or superannuation, regardless of whether it's specific personal advice or general advice.”
Brokers strongly defended commissions last week after Assistant Treasurer Arthur Sinodinos - who stood aside from the role earlier this week while he gives evidence to the Independent Commission Against Corruption - told ABC television that commissions could create a “conflict of interest”.
