Financial planners face $460m hit in fees

Financial planners could lose as much as $460 million in annual fees from the government's surprise move to extend its crackdown on commissions to life insurance products sold as part of superannuation packages.

The measure was a late inclusion in the Future of Financial Advice proposals, aimed at lifting consumer confidence in the $1.3 trillion superannuation sector.

Under the government's proposal, all commissions for providing financial advice are banned and advisers must ask clients every two years to renew their services in an ''opt-in'' process.

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