Bendigo to stop paying commissions

Bendigo Financial Planning, a subsidiary of Bendigo Bank will stop paying its advisors according to how many products they sell and put them on salaries. The MFS Premium Income Fund has changed the fees charged to investors in the fund. Unit holders will not be required to pay a fee if the fund does not achieve 8.5 per cent returns or better. If the fund does not return 8.5 per cent, MFS will draw on a $50 million pool to top up investors returns.