Perks crackdown: financial planners under fire
Many sales incentives received by financial planners and fund managers are still not disclosed to investors, the latest Australian Securities and Investments Commission investigation has revealed. ASIC's report into 12 types of cash and soft-dollar commissions at 40 financial planning companies will be released this week. It's expected that this will trigger new calls for some types of commissions to be banned altogether. The Financial Planning Association is also working on two new industry reports looking into the disclosure of commissions, fees, rebates and potential conflicts of interest.