End nears for grandfathered financial fees

Draft laws to stop ongoing commissions from financial advice are now on their way to the Senate after clearing the lower house.

A key recommendation from the banking royal commission to end so-called "grandfathered" fees has passed the first hurdle of parliament on Tuesday.

The proposal targets accounts created before 2013, as the practice has been banned from investment accounts established since then.

If passed, the laws will begin next January.