IFFP speak out against child labour in India
Industry Fund Financial Planning (IFFP) has spoken out against the illegal use of child labour, promising to donate its sales’ commissions, which cannot be rebated back to their clients, to the Too Young to Work (TYTW) project in India.
Established in 1997, the project was developed in response to a UN report and call from the International Labour Organisation for support for education as a means of combating child labour exploitation in India.
Last year, the IFFP, which strongly oppose commissions and specialise in fee-for-service advice, rebated $15,000 to help build a school in the Punjab, bringing its total contribution to $200,000.
Industry Funds Services general manager David Haynes said IFFP is helping to build schools in India to get children out of child labour and into schools through its support for the TYTW project.
“Industry Fund Financial Planning is a fee-for-service organisation. We do not charge sales commissions and we do not approve of sales commissions, however, some of the products we recommend do inherently carry a commission,” he said.
“Where possible we rebate these commissions directly back to our clients. In a minority of cases we receive a commission, which due to its complexity, cannot be rebated directly to our clients. It is this anomaly commission we donate to Too Young to Work.”
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