Reports that Treasury will release the draft Future of Financial Advice (FOFA) legislation next month are incorrect.

A spokesman said today the April release date “was incorrectly reported” by media not related to insuranceNEWS.com.au.

He says the draft legislation is still on target for release in the middle of the year, “in line with the originally announced timetable”.

Financial Services Minister Bill Shorten is expected to announce decisions on a number of contentious issues related to the legislation next month.

“Minister Shorten intends to announce in April his decisions in respect of a number of FOFA reforms, such as opt-in and volume payments,” the spokesman said.

Last week Treasury officials speaking at a FOFA public consultation session did say life insurance commissions are being looked at separately to other payments, and that might mean it is not included in the initial draft legislation.

There has been strong opposition to banning life commissions, with various industry bodies saying any move would exacerbate the underinsurance problem in Australia.

Once the draft legislation is released, there will still be a period of consultation before any bill is formally introduced in Parliament.