Financial Planning Association (FPA) members will stop receiving commissions from July 2012.

The FPA board has approved the association’s remuneration policy to move away from commission-based fees for advice to a fee-based structure.

CEO Jo-Anne Bloch says this is an historical decision by the FPA and means members will lead the way in the financial services sector.

She says the association is looking forward to putting the policy in place and encourages the entire financial services industry to move towards an environment where clients can have “professional and unbiased advice”.