Australia follows U.K. in banning financial industry commissions
Australia has now followed the U.K.'s lead in banning commissions on financial product sales.
They have also gone a step further by requiring (wait for it...) client confirmation before automatically renewing their advice arrangements.
"Starting July 1, 2012, all Australian financial advisers will be subject to the following:
• Commissions on the sale of new financial products will be forbidden.
• A fiduciary standard will apply to all advisers.
• Volume-based discounts will be banned.
• Clients will be asked to renew their advice arrangements annually."
This sounds shockingly like "pay as you go, fee-only financial planning" but I won't sue them.
Investment News: Regulatory future for U.S. advisers now on display -- in OZ
BBC News: Financial Advisers' commission to be banned from 2012

