Despite the recent government decision to defer the Future of Financial Advice (FOFA) reforms, the battle will continue to rage because there's so much money at stake.

We don't yet know whether industry super, which wants financial advisers to be as regulated as possible, or the big banks, insurance companies and large dealer groups, which don't want much regulation at all, will win.

The central problem the industry faces is that selling and advising shouldn't go together. Credit:Jessica Hromas

But we already know the losers. As long as everyone is convinced commissions are the problem, the financial behemoths are winning the war against you.

The government's approach – being fought by industry super – raises the spectre of "general advice" loopholes and a repeat of the costly Storm Financial disaster. But the Labor and industry super alternative might result in a bank teller breaking the law simply by providing useful information while selling an insurance product.