The term “general advice” could be changed to “sales”, but only where this is conflicted advice, such as with general insurance or banking products, according to the Australian Institute of Superannuation Trustees.

The institute makes the comment in its submission to Treasury on the Financial System Inquiry report.

It supports the report’s recommendation to better align the interests of consumers and financial planners by ensuring remuneration structures in life insurance do not affect the quality of advice.

The institute says it supports the eventual removal of conflicted remuneration from all financial products.