BT Financial Group advisers will no longer receive commissions for financial products sold before the Future of Financial Advice (FOFA) reforms.

Under FOFA, commissions as an incentive to recommend particular products were banned as conflicted remuneration. However, a grandfathering clause allowed product providers to continue paying commissions on products sold before July 1 2013.

More than 140,000 BT customers are still subject to grandfathered commissions, BT says.

The change follows the decision to end other potentially conflicted remuneration arrangements such as stamping fees, the group says.

It accounts for $14 million of BT’s cash earnings for the first half of this year.

The change must be implemented across 12 IT systems and two wealth platforms, and will take effect from October 1, BT says.

The group cannot force the change on external advisers who have recommended BT products.