The financial services industry is growing at a rapid rate and although mistakes will be made along the way the industry must focus on the needs of consumers, according to Investment and Financial Services Association Chairman Craig Dunn.

Mr Dunn – who is MD of AMP Financial Services – told a panel session at the association’s annual conference on the Gold Coast last week that the industry has a lot to be proud of.

Alliance Bernstein CEO Michael Bargholz told the panel if the interests of consumers are put first, many of the issues surrounding commissions would be fixed.

“Whenever something happens, be it a Westpoint or something else, it affects all of us,” he said. “Clients put us all in the same boat. The more we can do to self-police, the more we will boost confidence.”

Mr Bargholz says the industry is in transition, but it doesn’t need more black-letter law as much as it needs a golden rule: always put the clients’ interest first.