New legislation has cast doubt over whether an adviser or a service provider owns an existing client relationship.

The financial advice sector views affordable advice regulations as too complex and against the needs of clients, according to feedback received by ASIC.

The quality of SMSF advice being provided to consumers has been found to be of very high quality and the number of complaints are low, according to the Australian Financial Complaints Authority.

The recommendations of the Hayne Royal Commission have not improved financial advice or lessened the complexities of its regulatory framework, the AFA says.