Lets take an educated guess at what they will do. They will allow vertically integrated companies and their sales staff who have no qualifications other than a 3 day sales training course to give financial advice which is limited to pushing their own companies products without the need to prepare a SOA or, more importantly, act in the best interests of clients, so long as the commissions these sales staff recieve are not called commissions but are instead called bonuses. To make sure that the "advice" is cost effective they will not require these sales staff to have any educational requirements, ongoing training or CPD points.

The outcome will be a return to big vertically integrated companies pushing customers into poorly performing financial products which are cheap to access as there are no consumer protections and in 10 years time we will have another Royal Commission into banks which will again not really even look at any bank practices and Financial Advisers (who are the only ones who ever acted in clients' best interest in the first place) will get blamed for the whole mess and this process will start all over again.