Many advisers are still viewing being self-licensed as their preferred business model as the costs of compliance and providing advice increase.

The FPA and AFA have proposed a merger and will soon outline further details to their respective members.  

Proposals from the Quality of Advice Review to shift advice away from compliance to consumers have been welcomed by a broad swathe of the advice sector.

The Quality of Advice Review has suggested regulation should focus on the content of advice instead of documents and processes.

Some of the findings from the government’s Quality of Advice Review will be released before the final report, which is due in December.

Consumers filed fewer complaints against organisations offering investment services and financial advice in the 2022 financial year.