Commission banned as Australia reforms sector

A ban on commissions and payments to advisers based on their levels of sales are among the measures set to be implemented from 1 July, 2012. The series of reforms is aimed at giving more protection to retail investors and avoiding conflicts of interest among their advisers, financial services minister Chris Bowen says. It follows a parliamentary inquiry into financial services called last year after several high-profile corporate collapses. The commission proposal mirrors the RDR's new rules on adviser charging, which state advisers can no longer be paid by commissions set by produ...