Financial planners need to look beyond their own commercial success to ensure advice is provided to a greater number of people in need of it.

An experience pathway for existing financial advisers must contain a sunset clause ending in 10 years, with advisers able to swear they have clean records.

Dixon Advisory has had a $7.1 million penalty imposed on it after it was found six of its authorised representatives did not act in their clients’ best interests.

The FPA has reworked its code of conduct, dropping thousands of words and adopting a principles-based model rather than lengthy rules.

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