Industry Super Australia has called for the new financial adviser register to disclose information on commissions.

“At this stage, the register doesn’t shed any light on commissions at all,” CEO David Whiteley said.

“We’ve seen the ruinous impact commissions can have in financial advice.

“If the register is going to be an effective part of the regulatory mix aimed at avoiding the mistakes of the past, disclosure around commissions is a must, along with a well-resourced Australian Securities and Investments Commission.”

The online register lists 22,500 advisers.

Mr Whiteley says community trust will remain low without meaningful disclosure on adviser remuneration. “Whether commissions are being paid or not paid is the factor most likely to affect the quality and independence of advice for consumers.”

Advisers still receive commissions that are grandfathered or exempt under the recent Future of Financial Advice laws, including on life insurance.