The main barrier to advisers wanting to provide limited advice is a crisis of confidence brought on by the regulatory system, an industry expert says.

The AFA has called on the government to use the establishment of a single disciplinary body to reduce the complexity of the financial advice framework.

Excess conflicting and overlapping regulation has stymied the rollout and uptake of advice, with regulators doing little to ease that burden or prevent compliance breaches, an adviser association has claimed.