The chairman of the parliamentary inquiry into the financial services sector says he is more concerned about the quality of advice and educational level of advisers than how they are paid.

Bernie Ripoll, chair of the financial services inquiry, which was established in response to the collapse of Storm Financial, says the inquiry will be making recommendations on whether commissions for financial advice ought to be banned.

“I wouldn’t agree with you that it’s the most important part” of the inquiry, Mr Ripoll said in an interview with ABC Television’s Inside Business program on Sunday.

“The quality of advice really has turned out to be the most important part.
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ASIC has permanently banned Mr Mark William Clough, of Burwood Victoria from providing financial services.

This follows an ASIC investigation into Mr Clough’s dealings when he operated an insurance consultancy business which traded as Muir Sturrock Pty Ltd and Muir Sturrock Consulting.

ASIC found that Mr Clough engaged in dishonest conduct between August 2000 and July 2005 when he received a total of $43,500 from a client to for the purpose of obtaining income protection insurance policies, but instead, retained the funds for his personal use.
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