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If they do this then it should include ALL investment products including residential property, direct shares, cryptocurrencies, CFDs, peer to peer lending etc.

The history of financial services regulation has been to chronically overregulate one sector of the industry and completely ignore others. This just forces consumers into the far more dangerous unregulated sectors, to avoid the costs, complexity and bureaucracy that overregulation imposes. End result is that consumers are worse off.

The biggest consumer investment losses in the next 5-10 years are going to come from residential property and SMSFs. These products have been widely recommended by real estate agents and accountants who haven't been subject to the stifling regulatory regime of licensed financial advisers.