After April Fools Day, the smart numbers

Richards was speaking on the eve of the April 1 deadline when, under the Financial Service Providers (Registration and Dispute Resolution) Act 2008, all financial service providers, including financial advisers, have to be registered with the Companies Office and signed up to a disputes resolution scheme (DRS).

Edwards said the PAA supported the goal of increased professionalism in the financial advisory sector, but acknowledged the extra burden regulation placed on advisers.

"I strongly support that [regulation] because we do want good people in the industry," he said.

"If you're half-hearted about it, now is the time to change that attitude or get out. You've got to be serious about your processes and systems, you can't be casual about that at all - those days are gone - forever."