A firm “no comment” is coming from the office of Federal MP Bernie Ripoll in advance of tonight’s release of findings from the parliamentary joint committee inquiry into financial products and services.

Mr Ripoll chairs the committee, and its much-anticipated report follows a 10-month inquiry into financial advice issues associated with collapses such as those of Storm Financial and Opes Prime.

According to today’s Australian Financial Review the report will not ban commissions for financial advisers, although there is speculation it will call for the Corporations Act to be amended to clarifying that advisers must act in good faith and in the sole interests of their clients.

The issue of commissions versus fees has proved controversial, with the Financial Planning Association foreshadowing a move away from commissions in its submission to the inquiry and the rival Association of Financial Advisers advocating the consumer’s right to choose.