The Future of Financial Advice package includes the following: (i) a prospective ban on conflicted remuneration structures including commissions and volume based payments, in relation to the distribution and advice of retail investment products including managed investments, superannuation and margin loans; (ii) the introduction of a statutory fiduciary duty so that financial advisers must act in the best interests of their clients, subject to a 'reasonable steps' qualification, and to place the best interests of their clients ahead of their own when providing personal advice to retail clients; (iii) increasing transparency and flexibility of payments for financial advice by introducing 'adviser charging' that will help align the interests of the financial adviser and the client; is clear and product neutral; and where the investor will be able to opt in to the advice in response to a compulsory, annual renewal notice; (iv) percentage-based fees (known as assets under management fees) will only be charged on ungeared products or investment amounts and only if this is agreed to with the retail investor; (v) expanding the availability of low-cost 'simple advice' to improve access to and affordability of financial advice; and (vi) strengthening the powers of ASIC to act against unscrupulous operators. The Government has released two information packs providing detailed information on the reforms. The first information pack covers the broad reforms originally announced in April 2010.