Consumer groups say this week’s changes to federal laws put consumers at risk, despite being aimed at preventing financial planning fraud.

The federal government passed changes this week to some reforms set up in the wake of several financial sandals during the federal reign of the Labor party.

The Government claims its new reforms will still require advisers to act in the best interests of their clients and disclose all fees.

But has restored a provision allowing bank employees to be paid bonuses or commissions, a move Choice CEO Alan Kirkland says goes against the interest of consumers.

“We don't like to see doctors rewarded for how many pharmaceuticals they push - because that would obviously compromise the quality of health advice - and the same principles apply in financial advice,” he said.

“If you go to see an adviser you want to be absolutely confident that they are giving you advice based on what's best for you rather than what's best for their hip pocket or their employer.”

The Financial Planning Association says the newly-allowed bonuses will not influence advice.

“Consumers have got nothing to fear over these reforms that have been passed,” FPA CEO Mark Rantall says.

“There has been a lot of misinformation, a lot of politicising, and that's all par for the course.”

The biggest hit from the discussion and the changes themselves has been to consumer confidence in the industry, according to University of Sydney business law Professor Gail Pearson.

“There have been strong messages out there in the community for a long time that the financial planning industry is an industry that cannot be trusted,” she said.

“I think this reintroduction of this commission-based remuneration plays into that, and plays into those fears in the community.

“Consumers should always be concerned with their money, especially their retirement money, and they should be asking a lot of questions before they decide to act on any opinions, recommendations, sales spiel they get.”