Consumer groups, super funds and unions urge Government to ban commissions

Wednesday, 18 November 2009 10:32
James Thomson

The pressure on the Government to reform the financial planning sector in the wake of the collapse of Storm Financial is increasing, with a group made up of representatives of the union movement, the industry super funds sector and consumer groups urging the Federal Government to ban commissions paid to financial planners.

The Federal Parliamentary Joint Committee on Corporations and Financial Services is currently conducting an inquiry into financial products and services in Australia, sparked by the collapse of Storm Financial and the loss of billions of dollars by its clients.

The issue of commissions has dominated the submissions…