Shanks: Consumers don't care how advisers paid

Insurance commissions have been under scrutiny since the Financial Markets Authority said it wanted to see change from the industry -  and there have been calls for trail commission on KiwiSaver products to be scrapped.

But Shanks said commissions were not the real story.

“I don’t think it’s about commissions, it’s about outcome, what is good financial advice and the best outcome for a consumer. Commission is just a form of remuneration and that’s it.”

The draft version of the new code of conduct for the industry requires that people giving financial advice have processes in place to manage conflicts of interest and adequately control and disclose them.