Comments today by the Minister for Financial Services Bill Shorten indicating the reversal of ban on commissions on insurance inside Superannuation is a direct result of an ongoing campaign by the Financial Planning Association.
The Minister today specifically acknowledged the efforts of the FPA in working through this issue.
FPA CEO Mark Rantall said:
“While we haven’t been overly vocal about our role in public, we have been working closely with the Minister’s office and Treasury to provide constructive advice on the issue which has lead to this outcome”
“We have held firm on our position of banning commissions on insurance inside super from day 1 and this is a welcome announcement in the best interest for the public and for financial planners ”
“We look forward to continuing to work closely with the Minister in finalizing the FoFA legislation”