A new regulator? Better empower ASIC

You are absolutely correct, we need a simple, streamlined environment in which the consumer can confidently seek qualified advisers that they can afford.

Over-regulation has seen the cost of advice increase to the point where the average punter can ill afford it at a time that they likely need it most.

If all the money expended on a raft of inquiry's was used to bolster the stocks of the incumbent regulator and it was held accountable we would not be wasting breathe on talk of yet another body

It is most certainly not regulation and rules we need and its not competency training. I haven't seen anyone given poor advice or effectively stolen from with excessive commissions and fees due to lack of adviser knowledge. It's simply been because the adviser was a greedy, self interested person. The only effective deterrent is far greater consequences and punishment together with wider publication of punishment. Hold the advisers accountable for any advice not in the client's best interest, just as any other professional can be.

It's really simple: speeding fines and policing work.

Without them it's not lack of knowledge or competency that causes people to speed.

Any move to reduce the FPA's industry stranglehold would be welcome. Regardless of what you perceive the value of qualification to be, advisors are like victims of the Pied Piper as a result of the FPA's aggressive market positioning and unfortunate market power. An alternative needs to be presented and I would rather pay fees to anyone than the FPA. It is about quality and professionalism, not vested interest