Accountants urged to ban commissions SENIORS shouldn't have to pay commissions built into some products recommended by financial advisers. So says the body that looks out for seniors, which wants commission-based payments banned. The Council on the Ageing (COTA) is urging the board that sets professional standards for accountants to outlaw fees based on commissions and third party payments. The Accounting Professional and Ethical Standards Board (APESB) on Friday is meeting to consider a ban on the controversial payments, with COTA worried the board will water down proposed reforms banishing commissions. "The board seems to be caving in to the pressure of some self-interested professionals who would prefer to get rich from commissions rather than operate with integrity, objectivity and due care," COTA chief executive Ian Yates said in a statement. Mr Yates said the Storm Financial and West Point financial collapses showed how vulnerable sections of the community are to the quality of financial advice from industry professionals. COTA says the danger is that accountants will be tempted to give inferior advice if they receive payment for channelling investors into certain financial products. It says a backdown from the APESB on the issue would mean older Australians were financially exposed when signing technical documents they may not understand. Mr Yates said that in many cases older Australians were putting their financial futures at risk, with "virtually no chance of re-couping lost assets."