Grandfathered Commissions Legislation Criticised

Last week, the government passed legislation through the House of Representatives to end the payment of grandfathered remuneration to financial advisers. The Bill proposes to end the grandfathering of conflicted remuneration paid to financial advisers by 1 January 2021. It’s passage, however, is not without its critics, and ASIC’s role in informing the legislation has also been attacked.