Advisers should focus on client management and not regulatory compliance to prevent litigation.

The merger between the FPA and AFA will go ahead after the required number of members from both industry bodies voted in favour of the move.

The Quality of Advice Review was about delivering more affordable advice and improving the ease by which consumers can get access to it.

The recommendations from the QAR have been made with a view to build upon past legislation that has established the current advisory framework.

The Quality of Advice Review recommendations have been further applauded by more key stakeholders in the financial services industry.

Industry bodies have backed a Quality of Advice Review final report recommendation to reconsider who can provide financial advice.