"My ideal would be to firstly remove pooling and restore individual investor sovereignty or property rights."

He says providers owe a fiduciary duty of care to individual investors, not to the pool group of priority.

He says trustees of pooling constructs which permeate the industry are able to subjugate the fiduciary care of the individual investor to the interests of the pool.

"Trustees do not protect their members, they are a complete waste of space in terms of consumer sovereignty, the structure of using a discretionary trust is the problem."

Secondly Morgan would like to see discouragement of unitisation and encouragement of full transparency for investors over the values of their holdings and all transactions conducted on the assets for which they are the ultimate beneficiary.

He says for this, consumers require a full statement of all the holdings of which they are the ultimate beneficiary.

"I see the staunch and undying defence of pooling and unitisation as nothing but opacity which enables obfugation. In other words if investors can't see what is happening to their assets they can't moan about it."

He also says the only performance that matters for the consumer is net. Net of charges, tax and of the cost of liquidation - in other words in your pocket.

As for improving regulator performance, AMP managing director Jack Regan says the regulation unfolding at the moment is arguably one of the greatest patch up exercises that any developed country has attempted.

"The problem is all we're really doing is getting to where we should have been 10 years ago, its nothing more than a good start and we are far from getting to where we need to be."

Morgan sees it as a matter of educating and improving the quality of regulators so they are not such an "easy foil for the industry to be able to manipulate".

 In his opinion the most important part of the securities review is to bring to an end the use of the word adviser by the life insurers who have a field force of commission salesmen out there "falsely representing themselves as advisers".

"You don't go to a Holden salesman and ask him which the best car in the land is and expect to get any other answer than a Holden," he says.

Morgan is also not impressed with the Code Committee which he believes is still subject to capture by sections of the industry who have the worst intentions possible.