Financial planners have rejected claims that proposed amendments to the Future of Financial Advice (FOFA) legislation will weaken consumer protection.

“FOFA is being enhanced, not watered down,” Association of Financial Advisers CEO Brad Fox said.

“The amendments improve FOFA because they provide greater certainty and clarity. They are good for consumers.”

The association says the best-interests duty is largely the same under the changes and the ban on commissions on investments and super remains in place.

Financial Planning Association CEO Mark Rantall says the changes will not diminish the legal obligation for planners to act in clients’ best interests.

“The facts really do speak for themselves,” he said. “Consumers have nothing to fear from the proposed amendments.”

Assistant Treasurer Arthur Sinodinos says the amendment bill is designed to expand affordable and accessible advice.

“The previous government’s reforms are unwieldy, burdensome and unnecessarily complex,” he said. “The proposed reforms will reduce the burden on industry and pressures on the cost of advice to consumers.”

The consultation period on the amendments closes on Wednesday. The bill is expected to be introduced in the autumn parliamentary sitting and passed during winter.