The Coalition has no intention of reversing its stance on commission payments, as it believes such a move would disadvantage small business financial planners.
Shadow Minister for Financial Services Luke Hartsuyker said the Coalition government remains unchanged in its opposition of a blanket ban on commissions.
"Our position is to work with the industry and ensure that small business financial planners are not adversely affected by any changes," Hartsuyker said.
"The Minister [for Financial Services and Superannuation Chris Bowen] has admitted that jobs will be lost in financial planning as a result of Labor's reforms. The Coalition will not support reforms that result in job losses for small business."
Hartsuyker has called on Bowen to outline Labor's proposals to abolish commissions in greater detail.
"The minister has not outlined the details of how Labor's proposal will end payments from the product manufacturer whilst still allowing percentage-based payments from investments," he said.
"Until Labor outlines these details, we cannot believe the minister's promise that conflicts of advice will end. Minister Bowen's promise is simply more Labor spin."
While the Coalition remains firm on its commission stance, Hartsuyker said it does support moves made by financial services associations and industry self-regulation.
"The Coalition supports industry self-regulation and the steps previously taken by bodies such as the FPA and IFSA (Investment and Financial Services Association) to reform payments made to advisers," he said.
Hartsuyker's comments come a day after the newly appointed FPA chief executive, Mark Rantall, pledged to move the country's financial planning sector ahead with its ban on commissions by 2012 even if a Coalition government is elected next month.
