The FPA and the Association of Financial Advisers (AFA) have backed a Government review into superannuation.
However, in terms of a review of fee commissions in superannuation, the AFA said it is important that the Government recognises that the industry is not homogenous.
Any move to change the fee structure should be negotiated between the client and the adviser, according to AFA chief executive Richard Klipin.
Yesterday the Minister for Superannuation and Corporate Law Nick Sherry announced his Government would review the superannuation industry including commission based financial advice.
"We welcome any review of the superannuation system. We believe that the current regulatory environment provides a good mechanism to how people pay for advice," Klipin said.
"The Government must recognise that the industry is not homogenous and advisers are interested in providing holistic advice to their clients that goes beyond superannuation. Any fees negotiated should be between the adviser and the client."
The FPA said a Government review of the superannuation industry is positive.
"Any review that deals with all the issues that have served to undermine good advice is going to be of great benefit to everyone, because it will improve understanding about the way financial planners work, the benefits of professional advice and also the rights of consumers," FPA general manager of professionalism Deen Sanders said.
All FPA members are very clear that they are required to separate fees for advice and fees for products, he said.
Industry Super Network (ISN), which represents around 39 industry superannuation funds, has consistently called for financial services to prohibit commissions.
Financial advice should be disaggregated from product sales, according to ISN executive manager David Whiteley.
Commissions have no role in a modern financial services industry, he said.
