Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

As I said in my previous answer, these changes have never been designed to bring back commissions for financial advisers. To remove all possible doubt, the government is prescribing, in both the legislation and the regulations, that any payment related to the provision of general advice cannot be an up-front or a trailing commission. Indeed, any remuneration that would conflict the advice given is to be banned and to remain banned, and, beyond that, we are proposing that parliament give the government regulation-making powers to ban any new form of incentive payment or remuneration which may or may not emerge in the marketplace as a workaround of our financial advice laws, if it is found to conflict advice given and is not covered by the current prohibition. I note, incidentally, that this goes further than the relevant recommendation of the Senate Economics Legislation Committee inquiry's recommendations, and this position will be clearly reflected in all of the associated explanatory materials.