In the webinar, Mr Anderson outlined four key objectives for the QAR:

• Reduce complexity
• Reduce the cost of advice and the cost of running advice businesses
• Improve the client centricity in the advice and services processes
• Ensure that financial advice is a sustainable profession

“Our goal in this exercise is to get as many high priority initiatives across the line as possible,” he said.

In a separate webinar last week, shadow financial services minister Stephen Jones said he believes “there is a need for us to put in place a transition arrangement” for advisers in their latter years of their career should Labor win this month’s federal election.

“So halt the large-scaled exit of advisers who are otherwise competent and have a capacity to perform a job that is needed to be done,” Mr Jones explained.

“I’m thinking largely of people who are in the latter years of the profession — they’ve had no problems, they’ve provided high level competence of advice, often thought of as mentors to others within the industry…”