I still wonder why we are even operating under a licencee structure. Everything would be so much more cost effective to be individually registered straight to ASIC, just as accountants are registered straight to the ATO.
The current regulations are completely unfit for purpose and were written when licencees acted as distribution channels for their own products. Irrespective of what these endless government reviews come up with, until the regulations are changed to suit advice, not product flogging, nothing will ever change for the better.
Take advice out of the corps act completely (as has been suggested by various people over the years) and have a Financial Advice Act. Then every planner has to comply with that and there is no need for a licencee at all. If every planner has to sit a test to prove they understand their obligations, similar but far better implemented than the ethics test, so be it. That is something that will definitely lower the cost of advice.