Financial advisers and those in management roles should all be covered by a work history protocol to stop ‘bad apples’ moving through the sector.

A rise in mental health issues among financial advisers is the result of the many changes within the advice industry and advisers need more support.

Financial adviser numbers are expected to decline further in the next few years but the standard of advisers remaining will continue to improve.

Consumers are being let down by the unnecessary complexities and costs of the current regulatory advice model, the SMSF Association says.