Industry Super Australia has identified 10 commissions and other payments that it says will return if the Coalition's planned roll back of Labor's Future of Financial Advice (FOFA) law reforms go ahead.

It comes as chiefs of the nation's largest superannuation fund and a major insurer warn that the planned dilution of reforms to financial services could damage investor protection and company profits.

Ian Silk, chief executive of AustralianSuper, a $70 billion industry fund, and Patrick Snowball, managing director of Suncorp Group, both claimed there remains a need for "fundamental reform" of the system, but said the Coalition's plans rolled back FOFA too far.

Mr Silk said the Coalition's proposals ''skew the balance away from the interests of the consumer. They could significantly disadvantage those who should benefit most from it, the people receiving advice." Mr Snowball also said there was a need for "fundamental reform of product, pricing commission structures and customer engagement" to boost investor confidence and client retention, particularly for life insurance.

Assistant Treasurer Arthur Sinodinos has said that while the government "supports the principles of FOFA'', Labor's reforms went too far and created needless complexity - adding to the cost of advice for consumers.

The Coalition's planned changes include allowing commissions and other conflicted payments to be made to those giving "general" advice on financial products. Industry Super says this will mean banks will be able to pay commissions and other type of conflicted remuneration to planners and tellers for sales of financial products, as long as no ''personal'' advice - which takes into account a customer's specific circumstances - is given.

There will be no limit to the amount of commissions that could be paid even on risky, complex financial products, according to David Whiteley, the chief executive of Industry Super Australia.

The previous government banned commissions and conflicted remuneration for products sold based on both personal and general advice, though commissions are allowed on some types of insurance.

Mark Rantall, the chief executive of the Financial Planning Association, said that although he supported the government's proposed amendments, the planned change concerning general advice could have unintended consequences.

The 10 commissions and commission-like payments that Industry Super Australia said would be allowed under the Coalition's changes include ongoing fees that would be paid under the scrapping of the so-called "opt -in" requirement. Under this law, a financial planner cannot receive ongoing payments from a client's account unless the client ''opts in'' to the relationship, in writing, every two years.