Consumers who have faced financial pressure in the past year are viewing the purpose and value of advice more favourably, with more planning to seek it.

Advisers will need to be registered by their licensees each year to stay in business under a proposed measure contained in draft legislation released by the government today.

The scrapping of SOAs and a clear distinction between general and personal advice would reduce the cost of advice, according to the FSC.

Being able to demonstrate the value of advice is set to become more important as a result of technological advancements.