Financial planning shake-up: ASIC wants key reform passed

Customers of financial planners could be charged for services they do not receive, if a key plank of the federal government's plan to reform financial advice is not put in place, the corporate regulator says.

In a move bitterly opposed by financial planners, the government says it will require customers to choose every two years whether they want to keep paying for financial advice.

Planners and the opposition say the changes will only add needless red tape, and the independent MP Rob Oakeshott has indicated he is ambivalent towards the change.

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