Australia to ban grandfathered commissions by 2021 as it targets advice industry

Pedro Gonçalves
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Australia to ban grandfathered commissions by 2021 as it targets advice industry

The Australian government is introducing legislation this week to ban the grandfathering of conflicted remuneration paid to financial advisers as it warns that insurance companies may soon be held to the same standard as most other businesses in keeping their contracts fair. The grandfathered commissions allow some advisers to pocket what would otherwise be considered prohibited forms of "conflicted remuneration". Conflicted remuneration is where the payment of a benefit to a financial ...

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