“Most advisers are motivated by a genuine desire to help people; all people not just the wealthy,” Mr Baker wrote.

“But the current regulatory regime makes it difficult, if not impossible, to profitably service people with relatively simple needs at an affordable price point.”

It continued: “If advisers want to help more people, they must take the lead in showing the government and regulators how quality advice can be delivered differently. They must build advice models and solutions that meet the needs of consumers.”

Read the full opinion piece here.

Mr Baker’s comments come after the Association of Financial Advisers (AFA) reiterated its belief that only after the QAR is released this year that any major changes will be announced for the industry.

The industry body said: “With few new policy announcements on financial advice, it is evident that both sides of politics are awaiting the recommendations of the QAR.”

“The reality is that with an absence of key policy announcements emerging during the election campaign, the QAR must be our biggest hope of addressing the current issues in financial advice.”