Investment and Financial Services Association (IFSA) members have agreed on a charter that revamps payment for financial advice on superannuation.

From July next year IFSA plans to let consumers know exactly how much they are paying for the financial advice component in their super.

CEO Richard Gilbert says the charter makes performance reporting an industry-wide standard. The association is also seeking consistent regulation of all super products.

Both the Association of Financial Advisers (AFA) and the Financial Planning Association (FPA) have welcomed the charter, despite a recent tiff over a similar plan by the FPA to move towards a “fees for advice” system.

AFA CEO Richard Klipin says the charter has far-reaching implications for the super industry and will go a long way towards creating a level playing field.

“Part of the AFA’s policy position is that if it is good for the consumer, it will be good for the adviser,” he said.

FPA CEO Jo-Anne Bloch says the changes “align well” with its remuneration proposal.

“Members will be pleased to see that super product providers will be able to deliver products that enable financial planners to recommend them without commissions,” she said.

Mr Klipin says the AFA is not convinced that simply being fee-based will ensure consumers receive good and appropriate outcomes or that advisers will build better businesses.