Commission ban deferred but Ripoll effect to hit NZ

Instead, the parliamentary joint committee, after a 10-month inquiry, has thrown the issue back for further consultation.

"The committee recommends that the government consult with and support industry in developing the most appropriate mechanism by which to cease payments from product manufacturers to financial advisers," the report says in one of its 11 recommendations.

The findings of the so-called Ripoll report, named after committee chair Bernie Ripoll, were also expected to influence the progress of regulation for the New Zealand financial advisory industry.

In a speech this October, Jane Diplock, head of the Securities Commission endorsed "trans-Tasman regulation of financial advisers", saying the Ripoll report would have an impact in New Zealand.