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Anne, I think you might have a point on this one. The fact that ASIC allows product manufactures to hold an AFSL and then looks at the adviser for conflicts. ASIC will never cancel the licence of an CBA or AMP et al as their own funding now relies on them. Cutting commissions is simply a cost savings to the product manufactures. If you can remember the 1990's, products did their own paperwork back then - now we do. Back then they paid advisers to do it because it was cheaper than say CBA having staff to do it, now we do it and we are debating - should we have commission (product pays) or charge the client. If all commission are removed, AMP still controls it's approved list, as does CBA etc. Industry Fund will still only ever sell industry funds.