Australia's grandfathered commissions ban gets Senate green light

Pedro Gonçalves
clock • 2 min read

The Australian government has passed legislation through Federal Parliament to end the payment of grandfathered commissions to financial advisers, a conflicted remuneration worth up to A$2bn. The Senate passed a bill to end so-called grandfathered commissions without amendments, after the House of Representatives green-lit the bill on September 10. Under the reforms, revenue from commissions paid to financial advisers from fund managers and other financial product manufacturers will be ban...

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