The Independent Financial Advisers Association of Australia (IFAAA) enthusiastically endorses the financial advice recommendations published this week by the Royal Commission into the Banking, Superannuation and Financial Services Industry, and believes these recommendations are great news for the public.

The major banks and insurance companies are now reeling in the wake of the Royal Commission, a saga that exposed a culture of self-interest and deceit. The public is outraged at how an irresponsible and out of control banking industry covertly went about its business, apparently at the expense of its clients.

The President of the IFAAA, Daniel Brammall, talks to the ABC about the information coming out of the Banking Royal Commission around banks and insurance companies charging fees for no service, what this is doing to the reputation of financial planners working for these institutions, the impact on them, their clients, and what it means for independent financial planning into the future.