ASIC leans on financial planners over high fees

The Australian Securities and Investment Commission wants financial planners to be up front in disclosing high commissions such as those charged to Westpoint investors. ASIC wants the industry to voluntarily improve disclosure. Some big financial planners, including Axa, MLC, RetireInvest and ANZ have moved away from commissions to fee-for-service. A Financial Planning Association code released last week requires members to clearly disclose costs and services to customers.