National MP Andrew Bayly’s to-do list of four

Regulatory overlap and fee structures are common threads between all four.

Working up from the bottom and his fourth most pressing issue is getting the right quality financial advice delivered in the right way.

He says while the introduction of the new financial advice regime and the registration process has gone remarkably well, unlike Australia, when it comes to financial advice he is concerned the regime is moving advisers to a ‘white label' requirement.

“We’re heading to a situation where it's difficult to get advice from professional advisers. Some people are wealthy and have good financial literacy; some have little financial literacy and unfortunately that’s an area  we need to do more on. But I’m scared we’re going to a situation which is overly focused on fees that go to the lowest cost provider.